In order to confirm the reversal, the index must return to the support line of the uptrend channel which is roughly 1,538 now.
Most Asian markets climbed Thursday, with robust gains in Chinese resource and automobile shares offsetting a sharp fall in property developers after Beijing unveiled a fresh set of measures to check rising home prices.
“I think it’s just a technical rebound ... Before the weekend there will be concerns that the Chinese government may raise interest rates again and I don’t expect the market to jump sharply,” said Conita Hung, head of equities at Delta Asia Financial Group. (MarketWatch)
After 5.00pm, Japanese market up 0.74%, China 1.47% but Hong Kong shed 0.27% and Singapore 0.03%.
At the local front, FBMKLCI opened with gains of more than 10 points but gave back 4 points after an hour’s trade. The index was seen lingering within a two-point range and closed off low at 1,526.96 (-6.43/0.42%). Total Volume was 1,410m (-9m). (FBMKLCI Chart extracted from Jupiter)
Market sentiment progressed in mono tone after started with high notes. The Oscillator was flattish and ended at -943.02 gained 6.31 when comparing with its starting point. The Average recorded a gain of 808.75.
Conclusion
In the MSCD, K% Line (yellow) recorded as -297.21 (+201.01), D% Line (red) -160.90 (77.60) and the Histogram -153.96 (+4.41).
After today’s trade, both key indicators hooked up sharply and the Histogram printed its first shorter bar. Technically, market sentiment is still bearish but improving. Investor began to accumulate in weakness as volume increased significantly in the afternoon session.
Today, FBMKLCI climbed as high as 1,530 but gradually retreated and closed with a 6 points gain at 1,526. In order to confirm the reversal, the index must return to the support line of the uptrend channel which is roughly 1,538 now. Based on chart, the subdued outlook of MACD and the shrinking volume will deter its upside journey and move sideways, at best.
Most Asian markets climbed Thursday, with robust gains in Chinese resource and automobile shares offsetting a sharp fall in property developers after Beijing unveiled a fresh set of measures to check rising home prices.
“I think it’s just a technical rebound ... Before the weekend there will be concerns that the Chinese government may raise interest rates again and I don’t expect the market to jump sharply,” said Conita Hung, head of equities at Delta Asia Financial Group. (MarketWatch)
After 5.00pm, Japanese market up 0.74%, China 1.47% but Hong Kong shed 0.27% and Singapore 0.03%.At the local front, FBMKLCI opened with gains of more than 10 points but gave back 4 points after an hour’s trade. The index was seen lingering within a two-point range and closed off low at 1,526.96 (-6.43/0.42%). Total Volume was 1,410m (-9m). (FBMKLCI Chart extracted from Jupiter)
Market sentiment progressed in mono tone after started with high notes. The Oscillator was flattish and ended at -943.02 gained 6.31 when comparing with its starting point. The Average recorded a gain of 808.75.Conclusion
In the MSCD, K% Line (yellow) recorded as -297.21 (+201.01), D% Line (red) -160.90 (77.60) and the Histogram -153.96 (+4.41).After today’s trade, both key indicators hooked up sharply and the Histogram printed its first shorter bar. Technically, market sentiment is still bearish but improving. Investor began to accumulate in weakness as volume increased significantly in the afternoon session.
Today, FBMKLCI climbed as high as 1,530 but gradually retreated and closed with a 6 points gain at 1,526. In order to confirm the reversal, the index must return to the support line of the uptrend channel which is roughly 1,538 now. Based on chart, the subdued outlook of MACD and the shrinking volume will deter its upside journey and move sideways, at best.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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