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Thursday, November 26, 2009

Sleepy market


Share prices on Bursa Malaysia ended mostly lower yesterday with major Banking stocks and selected heavyweights dragging down the index. FBM KLCI ended lower at 1271.00, down 1.09 point or 0.09% after opening higher at 1273.16. Losers led gainers by 358 to 288 while 255 counters were traded unchanged. Volume was lower at 753.11 million shares.

Chart wise, the FBM KLCI formed a small body black candlestick, indicating low volatility and is in a consolidation mode. The key index has been holding well at the 1270 level for the last three days. MACD, RSI and Stochastic continue to slide down indicates the weakening of market momentum supporting the consolidation view. As the KLCI is now closing below the short term 10 days moving average, it is weak in the short term. The 10 days SMA is posting a resistance at 1274.10, if the KLCI is able to break above this level, then it may trigger a run to retest the recent high. If the key index closed below 1270, then further weakness is expected ahead, and the next main support will be at the 1260 level.

Today, the FBM KLCI is expected to trade within the range of 1265 to 1277

This week's expected range: 1245 – 1295
Today's expected range: 1265 – 1277

Resistance: 1273, 1275, 1277
Support: 1265, 1267, 1269

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