Stocks on Bursa Malaysia ended mostly lower yesterday in a directionless trading as the market turned cautious ahead of Bank Negara's monetary policy committee meeting yesterday evening. The FBM KLCI stayed within a tight range before closing 2.01 points or 0.16% lower at 1284.09. Losers led gainers by 385 to 281 while 282 counters were unchanged. Volume slipped lower to 726 million shares worth RM1.267 billion.
As expected in yesterday’s report, the FBM KLCI stayed weak and formed a bearish small black candlestick which indicates consolidation with a downward bias. The key index may correct further downward, and may find support at 1270 level.
MACD turned flat with its histogram turning shorter, RSI continued to moved lower and Stochastic has just crossed its slow Stochastic. Signals from the indicators are reflecting the correction mode of the index.
The FBM KLCI may find its immediate support at 1280, if this level can’t hold, then it may move lower to the next lower support level at 1271. The underlying short and long term trend is up, whereas the medium term trend is sideway.
Today, the FBM KLCI is likely to trade within a range of 1276 to 1291
This week's expected range: 1245 – 1295
Today’s expected range: 1276 – 1291
Resistance: 1287, 1289, 1291
Support: 1276, 1280, 1282
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