Stocks on Bursa Malaysia closed mixed yesterday on profit-taking in key heavyweights which weighed down market sentiments. The FBM KLCI closed 0.14 point or 0.01% higher at 1,319.35 after opening 3.24 points up at 1,322.45 in the morning. Decliners led advancers by 487 to 279 while 224 counters were unchanged. Turnover stood at 1.046 billion shares worth RM1.33 billion, down from Monday's 1.138 billion shares worth RM1.498 billion.
Chart wise, the FBM KLCI formed a Doji with long upper shadow, a top reversal candlestick which indicates heavy selling activities at current resistance zone of 1320 to 1334. As it was mentioned in Monday’s report that the market may profit-take after the unveiling of the New Economic Model and it did.
MACD continued to move higher indicating the continued upward momentum. RSI(14) at 64 turned flat and is mildly bullish. Stochastic continued to move higher indicating the short term up cycle is still on.
The overall conditions of the FBM KLCI remained uptrend as indicated by its short, medium and long term moving averages.
The market may consolidate its recent gains while waiting for details on how the NEM would be implemented. However, rotational play on lower liners and selected GLCs may prevail.
Today, the FBM KLCI is likely to trade within a range of 1310 to 1330.
This week's expected range: 1277 – 1339
Today’s expected range: 1310 – 1330
Resistance: 1323, 1327, 1330
Support: 1310, 1314, 1317
Stock to watch: AFG, GLOMAC
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