Stocks on Bursa Malaysia ended broadly lower yesterday in tandem with weakness on regional bourses. The FBM KLCI opened in the red and traded lower through the day to close 12.68 points or 1.02% lower at 1235.22, its lowest level since Oct 13 2009. Decliners outpaced advancers by 608 to 119 while 215 counters were unchanged. Volume dipped lower at 769 million shares worth RM1.316 billion.
Chart wise, the FBM KLCI formed a bearish long black candlestick which indicates sellers are in control, where 22 stocks declined and 5 stocks rose on the 30 member benchmark index, and the index may fall further.
As the FBM KLCI has breached the 120-day moving average (MA), it might fall further to test the 200-day MA support at 1177. Immediate support of the FBM KLCI is found at 1231 and 1220 level, if these two levels are not defended, the index will visit the 1200 psychological support level.
The indicators, MACD, RSI and Stochastic are all in a bearish mode reflecting the current weak market conditions.
Today, the FBM KLCI may trade within a range of 1220 to 1253.
This week's expected range: 1220 – 1288
Today’s expected range: 1220 – 1253
Resistance: 1251, 1255, 1258
Support: 1220, 1226, 1231
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