Stocks on Bursa Malaysia ended higher yesterday with buying focus mainly on key heavyweights, while lower liners were more of in a consolidation mode. The FBM KLCI moved in tandem with regional bellwether indices to close 9.27 points or 0.79% higher at 1329.84, the highest close in two-years. Gainers led losers by 423 to 316 while 295 counters were unchanged. Turnover was lower at 807 million shares worth RM1.349 billion.
The FBM KLCI breakout from its recent short consolidation to move higher, it hit intra-day high of 1332.58 before pulling back on profit-taking to close at 1329.84, the highest close in two years, surpassing the 1328 level charted on March 10. The benchmark index formed a bullish white candlestick with short upper shadow, which indicates strong buying support on bullish move. It may continue to move higher to re-challenge the 1334.34 level, the highest high in two years charted on March 11. If the index is able to break above this level successfully, it may move higher to challenge the 1350 level in weeks to come.
MACD continued to move higher on a stronger pace indicating a pickup in upward momentum. RSI(14) at 69.4 pickup strongly and is approaching the very bullish zone. Stochastic continued to move higher above the 80 level, is very bullish and the short term up cycle remained intact.
The underlying short, medium and long term trend as indicated by the moving averages remained up.
Today, the FBM KLCI is likely to trade within a range of 1314 to 1345.
This week's expected range: 1277 – 1339
Today’s expected range: 1314 – 1345
Resistance: 1335, 1340, 1345
Support: 1314, 1320, 1325
Stock to Watch: UEMLAND
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