Stocks on Bursa Malaysia ended higher yesterday with the benchmark FBM KLCI closing higher for sixth consecutive days, gaining 6.13 points or 0.46% to close at its highest point for the day at 1,332.87. The FBM KLCI bucked key regional markets where sentiment was dampened by reports Beijing will not relax tougher property measures any time soon. Gainers led losers by 363 to 284 while 289 counters were unchanged. Total volume slipped to 574 million shares valued at RM1.085 billion from 610 million shares worth RM990 million on Monday.
The FBM KLCI opened 3.13 points higher at 1,329.87, and surged to the morning session high of 1331.54, and then it slid to the intra-day low of 1328.71 on profit-taking activities. A last minute buying of selected blue-chips pushed the key index to close at the highest point for the day forming a small body white candlestick, which indicates a low volatility day and the bull is very much in control. It is expected to continue moving higher into the overhead resistance zone of 1335 to 1350.
MACD continued to move higher, indicating the building up of positive momentum. RSI(14) at 62.6 continued to climb higher, and has entered the bullish zone. Stochastic at 85 continued to surge higher, and has entered the short term overbought zone. Signals from the indicators are indicating that the key index is getting more bullish.
Short term trend of the FBM KLCI has turned up as indicated by the 5 and 10-day MA, and medium term trend is still sideways, while the long term trend remained up. Immediate resistance zone is at 1335 to 1350, while the support zone is at 1305 to 1320.
Overnight, the Dow closed +146.75 points or +1.44% higher at 10,363.02. Today, the FBM KLCI is likely to trade within a range of 1325 to 1340
This week's expected range: 1283 – 1360
Today’s expected range: 1325 – 1340
Resistance: 1334, 1336, 1340
Support: 1325, 1327, 1330
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