Stocks on Bursa Malaysia traded mixed on a tight range yesterday, gains in selected heavyweights in late afternoon lifted the benchmark index to close higher. The FBM KLCI rose 3.29 points or 0.25% to close at 1340.07 after drifting in a tight range for most part of the day. Gainers led losers by 362 to 306 while another 306 counters were traded unchanged. Volume was lower at 799 million shares valued at RM936 million.
Chart wise, the FBM KLCI formed a white candlestick that closed near its day high indicates the bull is in control. It looks like the key index is trying to move out of its consolidation to climb higher when it close above 1340 after two weeks of consolidation within 1330 to 1339, nonetheless, it is still below its recent high of 1347. Immediate overhead resistance zone remained at 1344 to 1354.
MACD starts to taper-off from its down move as shown by its shorter histogram, indicating the downward momentum is waning off gradually, albeit the MACD is still below its slow MACD. RSI(14) at 61.3 climbs higher and is back into the bullish zone. Stochastic at 63 is higher and has moved into an up cycle.
The FBM KLCI is currently still trap in its short term consolidation zone with an upward bias, whilst the medium to longer term uptrend remained intact.
With no fresh market moving impetus, the FBM KLCI is likely to continue drifting, while the second and third liners will continue to be in rotational play.
Today, the FBM KLCI is likely to trade within a range of 1334 to 1345.
This week's expected range: 1308 – 1358
Today’s expected range: 1334 – 1345
Resistance: 1341, 1343, 1345
Support: 1334, 1336, 1338
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