Asian stocks mostly retreated on Thursday, July 21 after a China manufacturing gauge reflected contraction for the first time in a year. Investor sentiment also remains jittery as questions remain about Europe, including whether the second bailout of Greece will address contagion in other fiscally weak countries such as Portugal and Ireland or even Spain and Italy, whose bond markets have been savaged in July.
Local sentiment gradually recovered from initial doldrums yesterday. The Intra-day Oscillator slid but recouped earlier losses and ended at its day-high at +173.74; gained 83.27 when compares with its starting point. The Average recorded a loss of 114.63.
At the end of the day, %K(yellow) of MSCD recorded as -164.29 (+9.03), %D(red) -152.21 (+3.01) and the Histogram -16.27 (+1.05). Both indicators edged slightly up and stay in the uptrend channel. The Histogram printed a shorter negative bar.
MSCD shows that overall market sentiment is recovering in higher volume but uncertainty remains as the histogram stays in the negative zone. ACE counters were seen with a lot of movement.
FBMKLCI
FBMKLCI broke the resistance line to close at 1,565 in high volume yesterday. Its next resistance will be its 12EMA around 1,570 and support 1,560, its 50EMA. All indicators show the index has the tendency to move higher but movement will be limited.
FBMSCAP also broke the resistance line to close at 12,497 but volume decreased yesterday. Its next resistance will be its 12EMA around 12,580 and support 12,451, yesterday’s low. Gradual recovery will be seen until the index faces its 20MA.
FBMACE has a strong movement and volume increased significantly yesterday. The index was capped by its 20MA. In order to confirm its upswing the index must break through the 20MA with volume maintained, if not increased. Support has been raised to 4,098 and resistance 4,105, its 30EMA.
FLASH (Bursah)
THPLANT net profit jumped to RM32.16 million in the second quarter ended Jun 30, 2011 from RM7.60 million a year ago.
Local sentiment gradually recovered from initial doldrums yesterday. The Intra-day Oscillator slid but recouped earlier losses and ended at its day-high at +173.74; gained 83.27 when compares with its starting point. The Average recorded a loss of 114.63.
At the end of the day, %K(yellow) of MSCD recorded as -164.29 (+9.03), %D(red) -152.21 (+3.01) and the Histogram -16.27 (+1.05). Both indicators edged slightly up and stay in the uptrend channel. The Histogram printed a shorter negative bar.
MSCD shows that overall market sentiment is recovering in higher volume but uncertainty remains as the histogram stays in the negative zone. ACE counters were seen with a lot of movement.
FBMKLCI
FBMKLCI broke the resistance line to close at 1,565 in high volume yesterday. Its next resistance will be its 12EMA around 1,570 and support 1,560, its 50EMA. All indicators show the index has the tendency to move higher but movement will be limited.
FBMSCAP also broke the resistance line to close at 12,497 but volume decreased yesterday. Its next resistance will be its 12EMA around 12,580 and support 12,451, yesterday’s low. Gradual recovery will be seen until the index faces its 20MA.FBMACE has a strong movement and volume increased significantly yesterday. The index was capped by its 20MA. In order to confirm its upswing the index must break through the 20MA with volume maintained, if not increased. Support has been raised to 4,098 and resistance 4,105, its 30EMA.
FLASH (Bursah)
THPLANT net profit jumped to RM32.16 million in the second quarter ended Jun 30, 2011 from RM7.60 million a year ago.
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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