Stocks on Bursa Malaysia ended higher yesterday lifted by finance related stocks. The FBM KLCI rose 2.96 points or 0.22% to close at 1355.19, a new high since the rally started in April 2009. Gainers led losers by 445 to 264 while 278 counters were unchanged. Volume increased to 847 million shares worth RM1.251 billion from 731 million shares valued at RM1.33 billion on Tuesday.
The FBM KLCI opened 0.42 point higher at 1352.65 and traded lower to the intra-day low of 1350.62 on profit-taking activities, later in the morning buying interest in finance related stocks help pushed the key index to the intra-day high of 1356.13. Profit-taking activities continued to trimmed gain and the index close off high at 1355.15. The key index formed a bullish white candlestick which indicates continuation of the uptrend and the key index is expected to continue moving higher to challenge higher targets in the overhead resistance zone of 1360 to 1375.
MACD continued to move higher indicating the continuation of upward momentum. RSI(14) at 68.5 continued to move higher and remained bullish. Stochastic at 93.9 has hooked downward, but remained above its slow stochastic, and continued to stay in the overbought zone indicating the key index is still strong.
The FBM KLCI is currently above all its short, medium and long term moving averages (MA). The short term 5 and 10-day MA will continue to provide immediate support to the current uptrend at 1342 to 1348. The medium term trend is sideways as indicated by the 60-day MA, while the long term uptrend remained intact.
Overnight, the Dow closed -39.81 points or -0.38% lower at 10,497.88. Today, the FBM KLCI is likely to trade within a range of 1346 to 1362.
This week's expected range: 1316 – 1375
Today’s expected range: 1346 – 1362
Resistance: 1357, 1359, 1362
Support: 1346, 1348, 1351
Stock to watch: L&G, MBSB, E&O
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