Stocks on Bursa Malaysia ended yesterday firmer, in tandem with gains on regional bourses after DJIA closed higher last Friday. The FBM KLCI opened 2.84 points higher at 1,260.51 and stayed in the positive territory throughout the trading day before closing 8.99 points or 0.7% higher at 1266.44. Market breadth was positive with 469 gainers to 196 losers while 254 counters were unchanged. Volume traded was lower at 600 million shares worth RM1.024 billion.
The FBM KLCI formed a bullish white candlestick breaking out from its correction last Friday to move higher. It has crossed the immediate resistance at 1265 and is poised to challenge the next resistance zone at 1270 to 1280.
MACD has just made a Golden-cross signifying more upside move to come. RSI(14) at 50.88 has just moved into the bullish zone, and Stochastic at 75.9 continued to move higher indicating a continuation of the positive upward move. Signals from the indicators are indicating that there is more positive move to come for the benchmark index.
The FBM KLCI short term trend has turned upward as indicated by the 5-day moving average (MA) which has just crossed above the 10-day MA. The underlying longer term trend is up as indicated by the 120 and 200-day MA that is still strongly pointing up.
Today, the FBM KLCI is likely to trade within a range of 1256 to 1274.
This week's expected range: 1240 – 1276
Today’s expected range: 1255 – 1274
Resistance: 1268, 1271, 1274
Support: 1255, 1258, 1262
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