FTSE Bursa Malaysia KLCI (.KLSE) ends slightly higher

FTSE Bursa Malaysia KLCI (.KLSE) ends slightly higher

FTSE Bursa Malaysia KLCI (.KLSE) ends slightly higher

Bursa Malaysia ended slightly higher, mostly in range-bound trading with bargain-hunting interspersing profit takings in heavyweight stocks.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.08 points better at 1,491.03 from Wednesday’s close of 1,489.95.

After opening 2.41 points higher at 1,492.36 this morning, the benchmark index moved between 1,486.35 and 1,497.31 throughout the day.

On the broader market, gainers led losers 516 to 350, with 364 counters unchanged, 766 untraded and 17 others suspended.

Turnover shrank to 2.78 billion shares worth RM2.07 billion from 2.99 billion shares worth RM2.37 billion on Wednesday.

A dealer said the local bourse opened on a positive note, extending yesterday’s uptrend, spurred by an overnight rally on the Wall Street, but profit takings in heavyweight stocks, which emerged before the midday break, dragged the barometer index into the negative territory.

“Bursa Malaysia remained in range-bound trading throughout the second half of trading session today,” he said.

Meanwhile, AxiCorp chief market strategist Stephen Innes said the local bourse continued to lag, primarily down due to foreign investors’ preference for China stocks at the moment.

He noted that there were also foreign inflows into Taiwan and Korea’s equity markets today for the first time since Feb 21.

Technical Indicators

Overall, the bias in prices is: Downwards.

Note: this chart shows extraordinary price action to the downside.

By the way, prices are vulnerable to a correction towards 1,543.53.

The projected upper bound is: 1,523.26.

The projected lower bound is: 1,453.88.

The projected closing price is: 1,488.57.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 21 white candles and 29 black candles for a net of 8 black candles.

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

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 62.6878. This is not an overbought or oversold reading. The last signal was a buy 7 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 38.25. 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 buy 2 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 -41. 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 8 period(s) ago.

Rex Takasugi – TD Profile

FTSE BURSA KLCI closed up 1.080 at 1,491.030. Volume was 20% above average (neutral) and Bollinger Bands were 70% wider than normal.

Open     High      Low     Close     Volume___
1,492.3601,497.3101,486.3501,491.030 140,555,696
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 1,493.21 1,554.68 1,596.77
Volatility: 21 14 11
Volume: 191,858,768 128,421,672 114,863,744

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 6.6% below its 200-period moving average and is in an downward trend. Volatility is high 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 28 periods.

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