Constructed and Written by Smartbiz
Asian stocks ended mostly higher Monday, as investors turned more bullish on the back of positive U.S. economic data and signs of progress in Europe's sovereign-debt crisis. (WSJ)
Market SentimentLocal sentiment progressed in full optimism with the Intra-day Oscillator moving up for the whole session to end at its day-high at +2,280.46; gained 439.20 when compares with its starting point. The Average recorded a gain of 1,630.79.
At the end of the day, %K (Yellow) of MSCD computed as +505.57 (+204.51), %D (Red) +208.48 (+113.83) and the Histogram +191.52 (+26.39).
Both indicators shot higher and the Histogram printed yet another longer bar - its thirteenth positive bar in a row.
Conclusion
Market sentiment followed a bullish regional market shortened its consolidation period and reversed into full optimism. The buying support was so decisive that the Intra-Day Oscillator surged to finish above the 2,000 level and computed an average of 1,630. Total volume increased significantly to over 1.780 billion shares.
However, today’s transactions were mostly made up by penny stocks as total transaction value is only 1.752 billion.
Today’s bullish sentiment has further cemented the foundation of the market and further enhanced its resilience towards any sudden attack due to global issue. Market will only turn bearish after %K fell below %D. But, will undergo periodical consolidation once the Histogram forms a round top.
Key Index (Chart posted with courtesy of ChartNexus)
FBMKLCI gained about 23 points and broke through its 50EMA to end at 1,465 today. As the Bollinger Band has opened after today’s trade, the upside momentum will continue. Its next resistance rests on 1,480.FBMACE continued to move higher and broke through its 100MA. It is facing a minor resistance around 4,028 but the major resistance is its 200MA around 4,140 now.
(Note: Explanation for Intra-Day MSO and MSCD are archived under "Labels" at the lower portion of the sidebar.)
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