Stocks on Bursa Malaysia ended broadly higher yesterday after one day of consolidation on Tuesday. The FBM KLCI registered another new 2-year high when it rose 10.28 points or 0.78% to close at 1328.22, making it the best performing benchmark gauge in Asia Pacific. Market breadth was positive with 451 gainers to 292 losers, while 270 counters were unchanged. Volume traded rose to 934 million shares valued at RM1.619 billion.
The FBM KLCI opened 0.9 point higher and moved to the intra-day high of 1330.28 before profit taking trimmed gains to close at 1328.22, forming a bullish white candlestick, which indicates the continuation of the uptrend and is poised to test the next higher level of resistance at 1340, while the immediate overhead resistance is at 1332.
MACD continued to climb higher, indicating the pickup in upward momentum. RSI(14) at 74.47 remained in the very bullish zone. Stochastic at 94.86 indicates the index is at the very strong state for the short term.
The underlying short and long term trend remained up, while the medium term trend is sideway as indicated by the moving averages.
Today, the FBM KLCI is likely to trade within a range of 1310 to 1342.
This week's expected range: 1260 – 1330
Today’s expected range: 1310 – 1342
Resistance: 1332, 1337, 1342
Support: 1310, 1314, 1321
No comments:
Post a Comment