As mentioned before, due to the subdued technical outlooks and the shrinking volume, the index would have insufficient strength to move aggressively. It should be moving within a tight range of 1,521 – 1,530 in the immediate term and more volatile.
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 down by 1.13%, Hong Kong 0.68% but China up 0.14% and Singapore 0.05%.
At the local front, FBMKLCI opened high but tumbled into the red shortly, losing about 11 points from opening. The index was seen lingering deep in the negative zone for the remaining session and closed off low at 1,521.89 (-5.07/0.33%). Total Volume was 1,346m (-64m). (FBMKLCI Chart extracted from Jupiter)
Market sentiment progressed from bad to worse with the Oscillator slid to end off low at -473.90 lost 273.04 when comparing with its starting point. The Average recorded a loss of 542.31.
Conclusion
In the MSCD, K% Line (yellow) recorded as -334.90 (-37.69), D% Line (red) -189.17 (-26.26) and the Histogram -152.30 (+1.64).
After today’s trade, both key indicators hooked down slightly and the Histogram printed a slightly shorter bar. Technically, market sentiment remains in bearish mode with volume shrinking as the CNY holiday approaches nearer and nearer.
Today, FBMKLCI was capped by its previous high 1,530-recorded a day before, and fell into the red. However, the index closed exactly above its 60SMA which has become its all time support now.
As mentioned before, due to the subdued technical outlooks and the shrinking volume, the index would have insufficient strength to move aggressively. It should be moving within a tight range of 1,521 – 1,530 in the immediate term and more volatile. (Chart extracted from 188OMS)
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 down by 1.13%, Hong Kong 0.68% but China up 0.14% and Singapore 0.05%.
At the local front, FBMKLCI opened high but tumbled into the red shortly, losing about 11 points from opening. The index was seen lingering deep in the negative zone for the remaining session and closed off low at 1,521.89 (-5.07/0.33%). Total Volume was 1,346m (-64m). (FBMKLCI Chart extracted from Jupiter)
Market sentiment progressed from bad to worse with the Oscillator slid to end off low at -473.90 lost 273.04 when comparing with its starting point. The Average recorded a loss of 542.31.Conclusion
In the MSCD, K% Line (yellow) recorded as -334.90 (-37.69), D% Line (red) -189.17 (-26.26) and the Histogram -152.30 (+1.64).
After today’s trade, both key indicators hooked down slightly and the Histogram printed a slightly shorter bar. Technically, market sentiment remains in bearish mode with volume shrinking as the CNY holiday approaches nearer and nearer. Today, FBMKLCI was capped by its previous high 1,530-recorded a day before, and fell into the red. However, the index closed exactly above its 60SMA which has become its all time support now.
As mentioned before, due to the subdued technical outlooks and the shrinking volume, the index would have insufficient strength to move aggressively. It should be moving within a tight range of 1,521 – 1,530 in the immediate term and more volatile. (Chart extracted from 188OMS)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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