Stocks on Bursa Malaysia closed lower yesterday on continued profit-taking in recent gainers, as most investors stayed on the sidelines awaiting fresh leads. At the close the FBM KLCI was 0.81 points or 0.06% lower at 1298.86 after hitting an intra-day low of 1295.31. Market breadth was negative with losers led gainers by 361 to 290 while 293 counters were unchanged. Turnover was lower with 678 million shares worth RM1.059 billion changed hand.
The FBM KLCI continued to fall for the fourth consecutive day after hitting two-years high at 1334.34. The price action of the benchmark index yesterday formed a Doji candlestick which indicates a pause in the recent fall. The index might take a breather to consolidate at the current level before it tries to re-challenge the recent high.
MACD continued to slide lower indicating the loss in momentum. RSI(14) at 55.19 is in the neutral zone, while Stochastic at 55.95 continued to slide lower. Signals from the indicators reflected the current correction mode of the index.
The short term trend of the FBM KLCI has turned down; the medium term is in the sideways, while the long term trend still remained up.
Currently the overhead resistance lies at 1308 to 1312. If the index cannot hold at the current level, it might move lower to the 1280 level where it will find strong support.
Today, the FBM KLCI is likely to trade within a range of 1285 to 1314.
This week's expected range: 1277 – 1359
Today’s expected range: 1285 – 1314
Resistance: 1303, 1308, 1314
Support: 1285, 1290, 1295
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