Local sentiment extended its pessimistic tone with the intra-day Oscillator opened in the red. However, buying during last half an-hours lifted the oscillator high to end off low at -298.40; lost 71.84 when compares with its starting point. The Average recorded a loss of 458.98.
At the end of the day, %K(yellow) of MSCD recorded as -256.37 (-36.83), %D(red) -190.33 (-21.50) and the Histogram -17.13 (-12.23). %K fell off from the uptrend channel but %D still stayed. The Histogram printed its second negative bar.
MSCD shows that overall market sentiment is still pessimistic but today’s last minute lift with high volume is a good sign for the market. Some improvement should be seen but is still too early to talk about recovery.
FBMKLCI
FBMKLCI broke two projected supports and finished at 1,555, just a point below its second support. As the index has formed a downtrend line, any movement will be limited between the resistance line and the support. The next supports will be yesterday’s low 1,552 and then the previous low 1,543.
FBMSCAP fell but rebounded when touching its immediate support around 12,331 to formed a “Dragonfly”. Selling has alleviated and buying interest emerged. However, as a downtrend has been formed, the index will only be lingering within the resistance line and its support until a breakthrough was seen.
FBMACE has also printed a “Dragonfly” with high volume. As all indicators have shown some positive signs the index might halt its falling from here and starts to recover. However, the movement will be limited in tight range until it breaks the 20MA. Its next resistance is 4,126.
FLASH (Bursah)
MITRA announced that its wholly owned subsidiary, Pembinaan Mitrajaya Sdn Bhd has on 19 July 2011 accepted the Letter of Acceptance of Contract from East Coast Economic Region Development Council for the proposed construction and completion of Freshwater Laboratory Complex at Tasik Chini, Pekan, Pahang Darul Makmur for a contract sum of RM13.50 million.
Constructed and Written by Smartbiz (FBMKLCI Chart extracted from ChartNexus)
(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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