The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) moved broadly higher over the week, hitting its intra-week high of 1,620.35 yesterday. The index recorded an intra-week low of 1,599.67 on Monday before rebounding to its all-time historical high of 1,620.55 yesterday, giving a trading range of 20.88 points.
Of the FBM KLCI's 30 index-linked components, gainers overwhelmed losers by 25 to five.
ACE Market and lower-priced counters on the Main Market rose in tandem with other Main Market counters. The FBM Small Cap Index and the FBM ACE Market Index's week-on-week gains of 2.37 and 1.02 per cent, respectively, reflected the sectors' outperformance.
The FBM KLCI closed at its all-time high of 1,620.55 yesterday, posting a week-on-week gain of 21.40 points, or 1.34 per cent.
The following are the readings of some of its technical indicators :
Moving Averages: The FBM KLCI continued above its 10-, 20-, 30-, 50-, 100- and 200-day moving averages yesterday
Momentum Index: Its short-term momentum index continued to stay above the support of its neutral reference line.
On Balance Volume: Its short-term OBV trend continued to stay above the support of its 10-day exponential moving averages.
Relative Strength Index: Its 14-day RSI stood at the 68.53 level.
FBM KLCI Technical Outlook
The FBM KLCI hit its intra-week low of 1,599.67 on Monday, staying way above the confines of this column's envisaged resistance zone (1,560 to 1,594 levels).
Subsequent technical rebounds sent the index to its intra-week high of 1,620.55 yesterday, moving into the confines of this column's envisaged support zone (1,603 to 1,637 levels).
AirAsia, UMW, KLK and Genting's week-on-week gains of 6.72, 6.13, 4.62 and 4.45 per cent, respectively, accounted for the bulk of the FBM KLCI's week-on-week gain of 21.40 points, or 1.34 per cent. UMW replaced YTL as the week's top performer with a year-to-date gain of RM2.60, or 36.67 per cent.
The FBM KLCI's weekly chart continued to stay above its intermediate-term support (see weekly chart: A1:A2) during the week. It continued to stay decisively above its intermediate-term uptrend (A3:A4).
Chart-wise, the FBM KLCI's daily price chart continued to stay above its intermediate-term uptrend (see daily chart: B3:B4) yesterday. Also, it continued to stay above its intermediate-term uptrend support (B1:B2). Its daily and weekly fast MACDs (Moving Average Convergence Divergence indicators) continued to stay above their respective slow MACDs. However, its monthly fast MACD continued to stay below the support of its monthly fast MACD.
The 14-day RSI stayed at the 68.53 per cent level yesterday. Its 14-week and 14-month RSI stayed at 63.15 and 65.12 per cent levels last Friday.
Next week, the FBM KLCI is likely to re-write its all-time high, with heavyweight index-linked counters expected to continue providing the momentum thrust. The index's envisaged resistance zone is at the 1,624 to 1,658 levels, while its immediate downside support is at the 1,582 to 1,616 levels.
HAPPY TRADING
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