Stocks on Bursa Malaysia ended higher yesterday on continued buying interest in selected blue chips and lower liners. The FBM KLCI rose for the fifth consecutive days to close 3.22 points or 0.24% higher at 1358.41, another new high for this year. Gainers led losers by 386 to 345 while 279 counters were unchanged. Volume increased to 999 million shares valued at RM1.481 billion from 847 million shares worth RM1.251 billion on Wednesday.
The FBM KLCI opened 0.59 point higher at 1355.78 but traded lower to the intra-day low of 1353.16 on profit-taking activities before rebounding to the intra-day high of 1359.27, and selling pressure continued to surface which pulled it to close off high at 1358.41. The benchmark index formed a bullish white candlestick which indicates continuation of the current uptrend, and may continue to move higher to challenge the overhead resistance zone at 1360 to 1380.
MACD continued to move higher indicating the upward momentum is intact. RSI(14) at 69.9 continued to climb higher, is turning very bullish but will soon be overbought. Stochastic at 93.5 is in the short term overbought situation, and has started to hook down, indicating an impending correction may soon to take place. From the reading of the indicators, the FBM KLCI is currently in a bullish state, but may run into a possible correction.
The FBM KLCI is currently above all its short, medium and long term moving averages (MA) which indicates a bullish state of the key index. The short term 5 and 10-day MA are trending up strongly will continue to provide immediate support to the current uptrend at 1345 to 1352. The longer term uptrend remained intact.
Overnight, the Dow closed -30.72 points or -0.29% lower at 10,467.16. Today, the FBM KLCI is likely to trade within a range of 1348 to 1365.
This week's expected range: 1316 – 1375
Today’s expected range: 1348 – 1365
Resistance: 1361, 1363, 1365
Support: 1348, 1351, 1355
Stock to watch: Time, Timecom, Waseong
No comments:
Post a Comment