FTSE Bursa Malaysia KLCI (.KLSE) opens lower on global trade concerns
Bursa Malaysia was easier in early trade, reversing yesterday’s gains due to weak sentiment brought on by concerns over global trade growth and as tensions between economic powerhouses, the United States and China continues to escalate.
At 9.40am, the key FBM KLCI eased 3.08 points to 1,652.23 from 1,655.31 at 5 pm yesterday.
The barometer index opened 1.29 points weaker at 1654.02.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 1,667.03.
The projected lower bound is: 1,620.37.
The projected closing price is: 1,643.70.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 24 white candles and 26 black candles for a net of 2 black candles.
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.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 90.8901. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 13 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 59.02. 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 12 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 127.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 12 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 5 period(s) ago.
Rex Takasugi – TD Profile
FTSE BURSA KLCI closed down -11.220 at 1,644.090. Volume was 47% below average (neutral) and Bollinger Bands were 36% wider than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 1,623.02 1,629.61 1,697.74
Volatility: 9 9 11
Volume: 142,087,152 115,332,400 127,900,472
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.
FTSE BURSA KLCI is currently 3.2% below its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect volume flowing into and out of .KLSE at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on .KLSE and have had this outlook for the last 2 periods.