Stocks on Bursa Malaysia ended mixed yesterday with persistent buying for heavyweights which pushed the FBM KLCI to a new all-time high level, despite some profit-taking in the local bourse as well as key regional markets. The FBM KLCI which has been on an uptrend since last week ended 6.68 points higher at 1526.53, although it had seen an intra-day all time high of 1526.67 earlier. The historical intraday high record was 1524.69 seen on Jan 14, 2008. Gainers led losers by 447 to 412 while 270 counters were unchanged. Total turnover increased to 1.643 billion shares worth RM2.136 billion from Monday’s 1.52 billion shares worth RM2.252 billion.
The FBM KLCI opened 1.87 points higher at 1521.71 and surged to the morning session high of 1524.03 within the first half-an-hour, profit-taking immediately surfaced which sent the key index to its intra-day low of 1520.03 before lunch break. The afternoon session saw an increased in buying of heavyweights which pushed the key index to its intra-day high of 1526.67 before ending the day off high to close at a new record close of 1526.53.
Chart-wise, the FBM KLCI formed a bullish white candlestick which indicates buyers were dominant throughout the day. With the breaking of the all-time-high level, the FBM KLCI is now in an uncharted territory, and is expected to continue its upward momentum to chart new high. However, a pull-back is expected before the benchmark index heads for its next target level of 1550.
MACD continued to climb higher after making a golden-cross yesterday, indicating the picking up of the positive upward momentum. RSI (14) is at 78.8 and continued to move higher, indicates a very bullish state of the key index, albeit is short term overbought. Stochastic is at 96.4 and continued to climb higher, indicates very strong market strength. Readings from the indicators signalled a very bullish state of the FBM KLCI, and it is expected to continue its bullish up move in the near term.
The underlying uptrend of the FBM KLCI remained very strong with the key index staying above all the short, medium and long term moving averages. After breaching the record high level of 1524-point successfully, the FBM KLCI is expected to test the next target level of 1550 in the near term. Immediate strong resistance is expected at the 1530 level, while the immediate downside support zone is at 1500 to 1516.
Overnight, the Dow fell -60.09 points or -0.53% lower to close at 11,346.75. Today, the FBM KLCI is likely to trade within a range of 1515 to 1533.
This week's expected range: 1492 – 1527
Today’s expected range: 1515 – 1533
Resistance: 1529, 1531, 1533
Support: 1515, 1518, 1522
Stocks to watch: OSK, TA, PMCAP
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