Stocks on Bursa Malaysia ended on a firmer note yesterday, with gains in selected heavyweights as investors took cue from an improved Wall Street last week. The FBM KLCI ended 2.43 points or 0.18% higher to close at 1326.74 after touching an intra-day high of 1331.74. Gainers led losers by 371 to 265 while 277 counters were unchanged. Volume declined to 610 million shares worth RM990 million from last Friday's 664 million shares worth RM1.44 billion.
The FBM KLCI opened 0.4 point lower at 1323.91 and surged to the intra-day high of 1331.74 in the morning session before profit-taking activities sent it lower in the afternoon to close at 1326.74. The price action of the key index formed a shooting-star like candlestick which indicates heavy profit-taking when the index entered the resistance zone at 1330 to 1350, nonetheless, it still make some progress.
MACD continued to move higher after making a golden-cross, indicating the upward momentum is in force now. RSI(14) at 59.5 continued to move higher and is about to move into the bullish zone. Stochastic at 70 continued to move higher, indicating the short term up cycle remained intact.
The key index is now staying above all the short, medium and long term moving averages (MA), indicating a bullish condition. The short term 5-day MA has just crossed above the 10-day MA, hence, the index is expected to continue to move higher. The short term trend of the FBM KLCI has turned upward; the medium term trend remained sideways as indicated by the medium term MAs, while the long term trend is still up. Overhead resistance zone is at 1330 to 1350 with immediate strong resistance at 1335. Immediate support zone is at 1305 to 1315.
Overnight, the Dow closed +18.24 points or +0.18% higher at 10,216.27. Today, the FBM KLCI is likely to trade within a range of 1315 to 1339
This week's expected range: 1283 – 1360
Today’s expected range: 1315 – 1339
Resistance: 1331, 1335, 1339
Support: 1315, 1319, 1323
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