Malaysia Stock Market – End of the Day

FBMKLCI has to prove its resilience to stay above the 1,558 support. If FBMKLCI fell below the support it would literally declare the end of the recent rally.

Asian stocks rose to their highest since May 2008 on Wednesday, led by sectors most sensitive to the economic growth cycle ahead of U.S. earnings, while the U.S. dollar slid to a two-month low, weighed by traders closing short-term bets against the euro. (Yahoo)

After 5.00pm, Asian major markets mostly ended higher with Japanese market up by 0.36%, China 1.86%, Hong Kong 1.10% but Singapore shed 0.10%.

At the local front, FBMKLCI soaked in the red for the whole session with the index fell as low as 1,561.87 but last minute buying jacked it up to end at 1,566.51 (-3.53/0.22%). Total Volume was 1,631m (-72m). (FBMKLCI Chart extracted from Jupiter)

Market sentiment though opened with optimism but followed the index progressed in negative tone shortly. The Oscillator lost more than 1,000 points but ended off low at -913.75 lost 1,152.71 when comparing with its starting point. The Average recorded a loss of 674.11.

Conclusion

In the MSCD, K% Line (yellow) recorded as -166.01 (-92.35), D% Line (red) -1.88 (-53.80) and the Histogram +13.28 (-44.35).

After today’s trade, both key indicators fell deeper into the red and the Histogram printed a shorter bar.

Technically, market sentiment remains in doldrums and the following session will be a critical day for the market. FBMKLCI has to prove its resilience to stay above the 1,558 support. If FBMKLCI fell below the support it would literally declare the end of the recent rally.

However, based on the performance of today’s regional market, the odd is good.

Constructed and Written by Smartbiz (Click on chart to view)

(Note: You can read the explanation for Intra-Day MSO and MSCD from the achieves under heading "Labels" at the lower portion of the sidebar.)