Stocks on Bursa Malaysia ended broadly higher yesterday with the benchmark FBM KLCI index at its highest level since January 2008, the bullish market was in line with the positive sentiment in regional markets on encouraging economic data from China and the US. The FBM KLCI advanced 19.18 points to 1,456.96 after opening 1.48 points higher at 1,439.26. Gainers led losers by 542 to 218 while 254 counters were unchanged. Turnover advanced to 843 million shares worth RM1.991 billion from last Thursday's 449 million shares worth RM861.1 million.
The FBM KLCI opened with an up gap of 1.48 points and traded higher for the rest of the day to close at the highest level for the day at 1456.96. It formed a bullish Marubozu candlestick, which indicates the bulls or buyers were in control throughout the day. With the strong buying momentum, the key index is expected to move higher to test the next higher target levels at 1465 and 1473.
Daily MACD hooked up sharply, indicating a strong increased in upward momentum. RSI(14) at 83.3 surged up strongly from 78.5 on last Thursday, indicating an extremely bullish state of the key index, and is short term overbought. Stochastic oscillator at 93 has crossed above its slow stochastic, indicating the up cycle is continuing its uptrend after pausing for a short while last week. Signals from the indicators are indicating a very bullish state of the benchmark FBM KLCI index, and the index is likely to continue moving higher.
The underlying uptrend of the FBM KLCI remained very strong as indicated by the index staying above all the short, medium and long term moving averages that are all pointing northeast.
Overnight, the Dow rose +81.36 points or +0.78% higher to close at 10,544.13. Today, the FBM KLCI is likely to trade within a range of 1427 to 1475.
This week's expected range: 1412 – 1490
Today’s expected range: 1427 – 1475
Resistance: 1463, 1468, 1475
Support: 1427, 1433, 1445
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