Stocks on Bursa Malaysia opened lower across the board on Monday, Nov 30, as a catch up on the heavy losses suffered by other Asian bourses last Friday due to the Dubai World debt default issue. FBM KLCI opened 14.74 points lower at 1,255.87 and fell to the intra-day low of 1248.58 (-22.03 points), but recovered gradually to hit an intra-day high of 1268.98 before some last minute selling sent it lower to end the day 11.5 points or 0.91% lower to close at 1259.11. Decliners outpaced advancers by 506 to 208 while 210 counters were traded unchanged. Volume increases to 1.0901 billion shares.
Chartwise, the FBM KLCI formed a white Spinning Top candlestick with long shadows, which indicates high volatility of the day and uncertainties. It’s close below the 30-days moving average indicates that the index is weak in the short to medium term and there might be further weakness ahead. MACD continues to slide down and so is Stochastic indicating continued weakness of the index. For the first time since June 22, the RSI slid below the 50 level which indicates weakness and the index might consolidate further. The underlying longer term trend as indicated by the 60 and 120 days moving average is, however, still up.
Today, the FBM KLCI is expected to trade within the range of 1245 to 1274
This week's expected range: 1230 – 1281
Today's expected range: 1245 – 1274
Resistance: 1264, 1269, 1274
Support: 1245, 1248, 1254
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