FOLLOW-THROUGH rebounds sent share prices on
Share prices on
As it turned out, the FBM KLCI traced out a four-day gain of 19.27 points compared with a one-day loss of 8.49 points last Thursday. It stayed above its immediate downside support of 1,800 at the market close last Friday. The benchmark index registered a week-on-week gain of 10.78 points, or 0.60 per cent.
From the performances of the FBM KLCI's 30 components, 16 index-linked counters posted gains, while another 13 registered losses. The index hit its intra-week low of 1,812.29 last Monday before rebounding to its intra-week high of 1,828.43 on Friday, giving an intra-week trading range of 16.43 points compared with the previous week's trading range of 42.38 points.
The FBM KLCI staged a follow-through technical rebound to close at 1,819.37 points last Friday, giving a week-on-week gain of 10.78 points, or 0.60 per cent.
The FBM Small Cap Index gained 433.32 points, or 2.72 per cent, to the 16,389.29 level while the FBM ACE Index also added 151.64 points, or 2.47 per cent, to the 6,302.80 level last Friday.
Following are the readings of some of its technical indicators:
* Moving Averages:
* Momentum Index: Its short-term momentum index stayed above the support of its neutral reference line last week.
* On Balance Volume (OBV): Its short-term OBV stayed above the support of its 10-day moving averages.
* Relative Strength Index (RSI): Its 14-day RSI had since stayed above the 50 per cent level while its technical reading stood at the 68.98 per cent level last Friday.
Against the backdrop of mixed performances on the regional stock markets, the FBM KLCI managed to squeeze out a technical rebound, closing at 1,819.37 last Friday. It traced out a week-on-week gain of 10.78 points, or 0.60 per cent.
Selective second and third liners remained the trading focus last week.
Its weekly price trend staged a successful technical breakout of its intermediate-term overhead resistance (see
Its daily price trend staged a technical breakout of its intermediate-term downtrend pattern formation (see
Its 14-day RSI stood at the 68.98 per cent level last Friday, while its 14-week and 14-month RSI were at the 64.11 per cent and 75.52 per cent levels, respectively.
From the perspectives of the technical breakout of its intermediate-term downtrend (C1:C2) on its daily price chart,
The subject expressed above is based purely on technical analysis and opinions of the writer. It is not a solicitation to buy or sell.
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