CONTINUING technical rebounds sent second and third liners higher last week. The FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 11.37 points on Friday, while the FBM Small Cap Index and FBM ACE posted gains of 3.18 and 6.37 per cent, respectively.
Share prices on the local bourse rebounded in line with the regional stock markets.
Locally, the FBM KLCI traced out a three-day gain of 15.25 points after a two-day loss of 3.88 points for the week ended on Friday.
The index stayed above its immediate downside support of 1,800 points on Friday. There were 19 gainers and nine losers on the index last week. It hit an intra-week low of 1,819.69 on Monday before rebounding to close at 1,830.74 points on Friday, giving it an intra-week trading range of 13.70 points.
The FBM Small Cap Index gained 3.18 per cent to 17,056.85 points while the FBM ACE Market Index also jumped 6.37 per cent to 6,704.13 points on Friday.
The Dow closed lower at 16,103.30 points on Friday, with a week-on-week loss of 0.32 per cent.
Meanwhile, the tech stock-heavy Nasdaq Composite Index moved in counter-trend with the broader market last week. It closed higher at 4,263.41 points with a week-on-week gain of 0.46 per cent.
Following are the readings of some of
Momentum Index: Its short-term momentum index continued to stay above the support of its neutral reference line last week.
On Balance Volume (OBV): Its short-term OBV continued to stay above the support of its 10-day moving averages.
Relative Strength Index (RSI): Its 14-day RSI had since stayed above 50 per cent. Its technical reading stood at the 75.01 per cent at the market close last week.
Better market sentiments on the regional market front sent share prices on
Select second and third liners remained the focus of trading activity last week.
At the same time, its weekly price trend staged a successful technical breakout of the overhead resistance (See Kumpulan Fima's weekly price chart - B1:B2) of its symmetrical triangle pattern formation (B1:B2 and B3:B4) last Friday.
Its daily price trend staged a technical breakout of its intermediate-term downtrend (See Kumpulan Fima's daily price trend - C1:C2) last Friday.
In the meantime, its weekly fast MACD stayed below its weekly slow MACD on Friday last week.
Its 14-day RSI stood at 75.01 per cent on Friday and its 14-week and 14-month RSI's were at 60.79 per cent and 60.34 per cent 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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