Stocks on Bursa Malaysia closed mostly higher yesterday led by gains in key heavyweights. Sentiments were boosted by gains in key heavyweights, positive economic data and overnight gains on Wall Street. The FBM KLCI gained 12.62 points or 1% to close at 1283.40. Losers outpaced gainers by 398 to 355 while 233 counters were unchanged. Volume increased to 1.051 billion shares worth RM1.746 billion.
The FBM KLCI continued its upward move after opening 5.74 points higher. It breaks through the resistance zone of 1275 to 1280 convincingly on increased volume and formed a bullish white candlestick. It is poised to move higher to challenge the next level of resistance at 1288.
MACD continued to move higher indicating the continued gained in upward momentum. RSI (14) at 61.8 continued to stay bullish. Stochastic at 93.2 remained very strong and further upside is expected.
With the FBM KLCI closing above the 30 and 60-day moving averages (MA), the benchmark index has turned bullish. The short term 5 and 10-day MA too are pointing northeast and about to cross the medium term 30-day MA. The underlying longer term 120 and 200-day MAs continued to stay uptrend.
With the positive indications, the benchmark FBM KLCI is poised to move higher to re-test the 1300 level in a week or two.
Today, the FBM KLCI is likely to trade within a range of 1270 to 1293
This week's expected range: 1245 – 1295
Today’s expected range: 1270 – 1293
Resistance: 1287, 1290, 1293
Support: 1270, 1273, 1278
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