Stocks on Bursa Malaysia closed mixed yesterday in line with other Asian markets as investors digested details of the full impact of Friday's earthquake and tsunami in Japan. Asian markets were mostly in the red as the recent devastating earthquake in Japan shattered investor sentiment. The FBM KLCI eased 0.27 point or 0.02% to 1,495.35 after opening 9.52 points lower at 1,486.10. Decliners outnumbered advancers by 352 to 308 while 291 counters were flat. Turnover slipped to 802.362 million shares worth RM1.179 billion from 1.020 billion shares worth RM1.853 billion on last Friday.
The FBM KLCI opened with a big down gap of 9.52 points at 1,486.10 and slipped to the intra-day low of 1,480.63 in the first fifteen minutes, losing as much as 15.09 points at its worst, and the key index rebounded from there to hit the intra-day high of 1,500.21 before retreating to close off high at 1,495.37, closing almost unchanged. Chart-wise, the FBM KLCI formed a white candlestick in star position, which indicates counter-attack by the bulls after the index opened lower on fear factor. The key index has fallen back into the downtrend channel; in order to reverse up, it has to at least close above the psychological resistance level at 1,500. Otherwise, there is a high chance that the key index will slide lower to test the lower support levels.
MACD continued to slide lower, and is just slightly above the signal-line, and a crossover would generate a strong bearish sell signal. RSI (14) is flat at 41.2 in the bearish zone. Stochastic slipped lower to 51.3, indicating a continuation of the down cycle. Readings from the indicators showed that the FBM KLCI is bearish and might continue with its consolidation in the near term.
The trend of the FBM KLCI is currently down, as it is now closing below its short, medium and long term moving averages. In order to reverse this downtrend the key index will have to reverse up to close above the 1,530 level. Immediate overhead resistance zone is at 1,500 to 1,509 while the immediate downside support zone is at 1,480 to 1,474.
Overnight, the Dow fell -51.24 points or -0.43% to close at 11,993.16. Today, the FBM KLCI is likely to trade within a range of 1,464 to 1,520.
This week's expected range: 1453 – 1537
Today’s expected range: 1464 – 1520
Resistance: 1504, 1512, 1520
Support: 1464, 1472, 1483
2 comments:
malaysia boleh - down less than 1% when world mkts melting
neckline at 1474- downside target would be about 100 pts-1370ish
Also nice channel on the 60 min chart-would imply a bounce around 1450
Post a Comment