Stocks on Bursa Malaysia ended firmer yesterday amid mild profit-taking on stocks that have run up earlier, buying interests were seen in selected heavyweights and some lower liners. The FBM KLCI rose 1.34 points or 0.1% to close at 1304.47 after opening 1.37 points higher at 1,304.50. Gainers led losers by 295 to 277 while 294 counters were unchanged. Volume declined to 516 million shares valued at RM757 million from 662 million shares worth RM1.012 billion on Wednesday.
The FBM KLCI traded in a narrow range of 3 points but was in the positive territory throughout the day. It formed a Doji candlestick which indicates consolidation with an upward bias as the index continued to close higher.
MACD continued to move higher, indicating the continued pick up in upward momentum. RSI(14) at 53.3 is climbing higher into the mildly bullish zone. Stochastic at 87.84 has, however, hooked down reflecting the consolidation state of the benchmark index.
The FBM KLCI has now stayed above the 1300 psychological resistance level but continued to face with the overhead resistance zone at 1305 to 1320, while the immediate support zone is now at 1290 to 1300. The short term trend of the benchmark index has turned up, while the medium term trend maybe in the sideways as indicated by the medium term 60-day MA which is still flat, and the longer term trend remained up.
In view of a lack of fresh leads, the FBM KLCI is expected to continue its consolidation at current level, and will continue to track the performance of regional bourses.
Overnight, the Dow closed +24.71 points or +0.24% higher at 10,434.17. Today, the FBM KLCI is likely to trade within a range of 1299 to 1312.
This week's expected range: 1250 – 1324
Today’s expected range: 1299 – 1312
Resistance: 1306, 1308, 1312
Support: 1299, 1301, 1303
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