Share prices on Bursa Malaysia closed firmer yesterday with buying interest seen in the index link heavyweights. The FBM KLCI opened marginally higher, but traded mostly in the negative territory for the whole day, and a last minute buying interest on key heavyweights lifted the benchmark index to close 2.49 points or 0.2% higher at 1275.22. Market breadth was positive with gainers outpaced losers by 383 to 251, while 244 counters were unchanged. Volume increased to 575 million shares worth RM741 million.
As expected, the FBM KLCI continues to move higher and closed at the day high, indicating the effort done to bring up the key index. MACD has just made a golden crossed above its trigger line, with the MACD histogram back to the positive territory after staying in the negative for one and a half month. RSI continued to gain strength, and Stochastic too is moving higher into the bullish zone. All these signals indicated that the index might move up further to retest the 1280 level.
Today, the FBM KLCI is expected to trade within the range of 1268 to 1281.
This week's expected range: 1245 – 1281
Today’s expected range: 1268 – 1281
Resistance: 1277, 1279, 1281
Support: 1268, 1270, 1273
Stock to watch: NOTION
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