Based on chart, the index has in two recent occasions bounced and moved higher when it touched the 60SMA. However, due to the subdued technical outlooks of other indicators such as MACD, RSI as well as Stochastic, the chance for the same scenario to repeat though not impossible but is quite slim, this time.
Asian stocks traded mostly higher Wednesday, after a flat session on Wall Street.
Market players were, however, reluctant to actively take new positions ahead of the conclusion of the Federal Reserve's two-day policy meeting.
A pledge by the Fed to continue its $600 billion bond-buying plan could bolster the dollar against the yen, as well as equities on hopes for continued liquidity, according to analysts. (CNBC)
After 5.00pm, Chinese market up 1.17%, Hong Kong 0.23% and Singapore 1.30% but Japanese market lost 0.60%.
At the local front, FBMKLCI tumbled about 4 points on opening but immediately rebounded from there. The index crawled near the neutral line but remained in negative territory to end at 1,520.00 (-6.43/0.42%). Total Volume was 1,419m (-501m). (FBMKLCI Chart extracted from Jupiter)
Market sentiment progressed in a choppy mode in gradual improvement. The Oscillator swung up and down but eventually ended at its day-high at -284.71 gained 1,195.69 when comparing with its starting point. The Average recorded a loss of 727.71.
Conclusion
In the MSCD, K% Line (yellow) recorded as -498.22 (-41.71), D% Line (red) -238.49 (-39.15) and the Histogram -158.38 (-25.34).
After today’s trade, both key indicators hooked slightly down and the Histogram printed a longer negative bar. Technically, market sentiment is still bearish with volume shrinking but selling has alleviated.
Today, FBMKLCI lost another 6.43 points and falling off the uptrend channel but stayed exactly on its 60-Day SMA. Based on chart, the index has in two recent occasions bounced and moved higher when it touched the 60SMA. However, due to the subdued technical outlooks of other indicators such as MACD, RSI as well as Stochastic, the chance for the same scenario to repeat is quite slim, this time.
Asian stocks traded mostly higher Wednesday, after a flat session on Wall Street.
Market players were, however, reluctant to actively take new positions ahead of the conclusion of the Federal Reserve's two-day policy meeting.
A pledge by the Fed to continue its $600 billion bond-buying plan could bolster the dollar against the yen, as well as equities on hopes for continued liquidity, according to analysts. (CNBC)After 5.00pm, Chinese market up 1.17%, Hong Kong 0.23% and Singapore 1.30% but Japanese market lost 0.60%.
At the local front, FBMKLCI tumbled about 4 points on opening but immediately rebounded from there. The index crawled near the neutral line but remained in negative territory to end at 1,520.00 (-6.43/0.42%). Total Volume was 1,419m (-501m). (FBMKLCI Chart extracted from Jupiter)Market sentiment progressed in a choppy mode in gradual improvement. The Oscillator swung up and down but eventually ended at its day-high at -284.71 gained 1,195.69 when comparing with its starting point. The Average recorded a loss of 727.71.
ConclusionIn the MSCD, K% Line (yellow) recorded as -498.22 (-41.71), D% Line (red) -238.49 (-39.15) and the Histogram -158.38 (-25.34).
After today’s trade, both key indicators hooked slightly down and the Histogram printed a longer negative bar. Technically, market sentiment is still bearish with volume shrinking but selling has alleviated.
Today, FBMKLCI lost another 6.43 points and falling off the uptrend channel but stayed exactly on its 60-Day SMA. Based on chart, the index has in two recent occasions bounced and moved higher when it touched the 60SMA. However, due to the subdued technical outlooks of other indicators such as MACD, RSI as well as Stochastic, the chance for the same scenario to repeat is quite slim, this time. 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.)
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