Stocks on Bursa Malaysia ended broadly lower yesterday in tandem with weak performances of regional markets on renewed concerns over Greece’s debt crisis and China’s credit tightening measures. The FBM KLCI was in the red throughout the day and traded in a narrow range of about three points, it closed marginally lower on late buying of selected key heavyweights to end 0.35 point or 0.03% lower at 1339.72. Losers outpaced gainers by 502 to 178 while 308 counters were unchanged. Volume traded was higher at 975 million shares valued at RM1.194 billion.
The FBM KLCI opened 0.5 point lower and was in the red throughout the day before late buying of blue-chip stocks pushed the key index to close almost unchanged. It formed a Doji candlestick with a relatively longer lower shadow, the appearance of Doji at a relatively high level is not a very good sign, it indicates uncertainties ahead, and the long lower shadow signaled that the index was under some selling pressure.
MACD continued to slide lower and is still below its slow MACD, indicating the consolidation is still in effect and not over yet. RSI(14) has hooked down slightly and is at the borderline of its bullish zone. Stochastic, however, continued to move higher reflecting the consolidation mode of the index with an upward bias.
The FBM KLCI is currently trapped in a consolidation mode with strong overhead resistance at level above 1340. With no major fresh leads in the local market, the key index will continue to consolidate and track the performance of regional bourses.
Today, the FBM KLCI is likely to trade within a range of 1331 to 1343.
This week's expected range: 1308 – 1358
Today’s expected range: 1331 – 1343
Resistance: 1341, 1342, 1343
Support: 1331, 1335, 1337
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