Ahad, 1 Mei 2011

Unit Trust. FBM KLCI stages mild technical rebound

From New Straits Time : http://www.btimes.com.my/Current_News/BTIMES/articles/tock30/Article/

THE FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) rebounded for the week ended yesterday. It stayed above its major psychological support of 1,500 points when it closed at 1,534.95 yesterday.

The FBM KLCI staged a mild technical rebound on Monday. The index opened at 1,523.46 points before hitting its intra-day high of 1,526.83. It closed at 1,524.05, giving a day-on-day gain of 1.30 points.

Share prices on Bursa Malaysia continued to reboundon Tuesday. The benchmark index trended between its intra-day low of 1,520.49 and its intra-day high of 1,527.56. It closed at 1,527.34 points, giving a day-on-day gain of 3.29 points, or 0.22 per cent.

The FBM KLCI staged a follow-through technical rebound on Wednesday. It trended from a low of 1,526.58 to a high of 1,534.69. The index closed at 1,529.91 points, giving a day-on-day gain of 2.57 points.

The key index rebounded in earnest on Thursday. It trended from its intra-day low of 1,531.11 to its intra-day high of 1,535.30. It ended the day at 1,535.30 points, giving a day-on-day gain of 5.39 points, or 0.35 per cent.

Share prices on Bursa Malaysia consolidated its four-day gains yesterday. The FBM KLCI opened at 1,540.55 before slipping down to the day's low of 1,529.63. It closed at 1,534.95 points, giving a day-on-day loss of 0.35 points, or 0.02 per cent.

The FBM KLCI posted a week-on-week increase of 12.20 points, or 0.80 per cent.

Among other indices, the FBM Small Cap Index lost 68.36 points, or 0.52 per cent, to close at 13,102.10 points while the FBM ACE Index eased 20.75 points, or 0.47 per cent, to 4,3876.50 yesterday.

The following are the readings of some of the FBM KLCI's technical indicators:

* Moving Averages: The FBM KLCI had since stayed below its 10-, 20- and 30-day moving averages. However, it continued to stay above its longer term 50-, 100- and 200-day moving averages. 

* Momentum Index: Its short-term momentum index continued to stay below its neutral reference line at the market close on Friday.

* On Balance Volume: Its short-term OBV trend stayed above the support of its 10-day exponential moving averages.

* Relative Strength Index: Its 14-day RSI stood at the 54.02 per cent level yesterday.


The FBM KLCI's earlier technical consolidation hit its intra-week low of 1,520.49 on Tuesday, staging a re-test at this column's envisaged support zone (1,485 to 1,519 levels). 

The index's subsequent technical rebound lifted it to an intra-week high of 1,540.55 yesterday, stopping out at this column's envisaged resistance zone (1,526 to 1,560).

The FBM KLCI's weekly charts continued to stay above the support of its intermediate-term uptrend (see FBM KLCI's weekly chart B1:B2) during the week. With that, the FBM KLCI stayed above its intermediate-term uptrend.

Chartwise, the FBM KLCI's continued to stay below its immediate downside support (see FBM KLCI's daily chart B3:B4) over the week. 

The FBM KLCI's monthly fast MACD (moving average convergence divergence indicator) continued to stay above its monthly slow MACD yesterday. Its daily and weekly fast MACDs continued to stay below their respective slow MACDs.

The FBM KLCI's 14-day RSI stayed at 54.02 per cent level yesterday. Its 14-week and 14-month RSI stayed at 56.45 and 70.68 levels respectively.

Last week, this column mentioned that the FBM KLCI was likely to stage a gradual rebound over the next five trading days. It did. Heavyweight index-linked counters were said to be likely to provide the momentum in lifting the FBM KLCI. It did that too.

The benchmark index is likely to alternate between consolidations and mild technical rebounds. Second and third liners will continue to consolidate recent rebound gains.

Next week, the FBM KLCI's envisaged resistance zone is at the 1,539 to 1,573 levels while its immediate downside support is at the 1,496 to 1,530 levels.

The subject expressed above is based on technical analysis and opinions of the writer. It is not a solicitation to buy or sell.


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