"T+10 interest FREE margin trading account"

Maximize your profits through the power of T+10 interest FREE margin trading account, an account which gives you more time to ride the uptrend. Absolutely interest FREE. Attractive brokerage for online trading. Get Real-time guidance from Trend Master. Call +603-5192 7249 for more details.

Friday, February 5, 2010

FBM KLCI - might further correct


Stocks on Bursa Malaysia ended broadly lower yesterday as weaknesses on regional bourses and Wall Street overnight weighed down sentiments. The FBM KLCI opened in the positive territory but turned negative soon after and traded 2.12 points or 0.17% lower to close at 1265.03. Losers outpaced gainers by 446 to 216 while 252 counters were unchanged. Volume was lower at 620 million shares worth RM992 million.

Chart wise, the FBM KLCI formed a small black candlestick which indicates consolidation with a downward bias. MACD continued to slide downward and is below its zero line indicating weakness in the short term. RSI at 38 has again hooked downward and is in the bearish zone. Stochastic continued to stay in the oversold or very weak zone.

With all the weaknesses indicated, the FBM KLCI might continue to consolidate or fall further. In the case if it continues to dip southward, the next lower targets will be the recent low at 1253 and 1244 of the 120-day moving average support.

Today, the FBM KLCI is likely to trade within a range of 1253 to 1270.

This week's expected range: 1225 – 1287
Today’s expected range: 1253 – 1270

Resistance: 1267, 1269, 1270
Support: 1253, 1255, 1260

No comments: