Shares on Bursa Malaysia continue to slip down further on Wednesday in line with most other major Asian bourses, taking cue from overnight’s weak performance on Wall Street. The FBM KLCI opened weak with a down gap of 2.78 points at 1258.68, drifted in a narrow range in the negative territory throughout the day and ended the day lower at 1255.76, falling 5.7 points or 0.45%. Losers outpaced gainers by 391 to 208, while 254 counters were unchanged. Turnover was lower at 623 million shares, valued at RM896 million.
As expected, the FBM KLCI slipped down further to test the downside support, the candle formation shows that the key index might fall further, as there is still no sign of bottom yet. The key support now is at 1250, an important psychological support level. The medium term 60-days moving average at 1247 which coincides with the recent pivot low on Nov 30 might lend a strong support.
MACD, RSI and Stochastic continue to slide down further reflecting the current weak market conditions.
Today, the FBM KLCI is expected to trade within a range of 1248 to 1263
This week's expected range: 1230 – 1288
Today's expected range: 1248 – 1263
Resistance: 1258, 1261, 1263
Support: 1248, 1251, 1253
Stock to watch: TCHONG, NTPM
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