FTSE Bursa Malaysia KLCI (.KLSE) ends in the red on PChem, PetGas losses but GentingM shines

FTSE Bursa Malaysia KLCI (.KLSE) ends in the red on PChem, PetGas losses but GentingM shines

FTSE Bursa Malaysia KLCI (.KLSE) ends in the red on PChem, PetGas losses but GentingM shines

Foreign funds stepped up selling pressure on Petronas Chemical and Petronas Gas again on Wednesday sending the key FBM KLCI into the red but Genting and Genting Malaysia closed higher.

At 5pm, the KLCI was down 3.26 points or 0.2% to 1,652.41. Turnover was 3.22 billion shares valued at RM2.28bil. Turnover rose by over 16% to 3.22 billion shares from 2.77 billion units the previous day.  Market value rose 13.4% to RM2.28bil. The broader market was mixed with 445 gainers, 431 losers and 434 counters unchanged.

Overall, the bias in prices is: Sideways.

The projected upper bound is: 1,675.16.

The projected lower bound is: 1,631.02.

The projected closing price is: 1,653.09.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 white candles.

A long upper shadow occurred. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 35.6921. This is not an overbought or oversold reading. The last signal was a buy 2 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 41.93. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 15 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -85. This is not a topping or bottoming area. The last signal was a buy 1 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 12 period(s) ago.

Rex Takasugi – TD Profile

FTSE BURSA KLCI closed down -3.260 at 1,652.410. Volume was 41% above average (neutral) and Bollinger Bands were 16% narrower than normal.

Open     High      Low     Close     Volume___
1,653.8801,659.3801,651.3601,652.410 159,315,904

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish

Moving Averages: 10-period     50-period     200-period
Close: 1,661.81 1,650.51 1,675.09
Volatility: 7 9 11
Volume: 102,480,576 116,036,760 123,575,200

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

FTSE BURSA KLCI is currently 1.4% below its 200-period moving average and is in an downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of .KLSE at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on .KLSE and have had this outlook for the last 5 periods.

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