It hit its intra-week high of 1,781.84 on Monday before staging a technical pullback to its intra-week low of 1,759.66 on Tuesday, giving an intra-week trading range of 22.18 points. Last week's intra-week trading range was 26.14 points.
At the market close yesterday, the FBM KLCI's 30 index-linked components registered a week-on-week gain of 0.40 point over the last five trading days. Its components posted 19 gainers with eight counters registering week-on-week losses.
It opened lower at 1,769.50 points on Monday before hitting its intra-week low of 1759.66, on Tuesday. It ended the week at 1,776.56 yesterday.
Following are the readings of some of its technical indicators:
* Moving Averages: The FBM KLCI continued to stay below its 10-, 20-, 30-, 50-, 100- and 200-day moving averages.
* Momentum Index: Its short-term momentum index continued to stay above the support of its neutral reference line.
* On Balance Volume: Its short-term OBV trend contiued to stay below the support of its 10-day exponential moving averages.
* Relative Strength Index: Its 14-day RSI stood at the 58.13 per cent level.
The FBM KLCI hit its intra-week high of 1,781.84 on Monday, staying below the confines of this column's envisaged resistance zone (1,781 to 1,815 levels).
Subsequent technical pullbacks sent the benchmark index to its intra-week low of 1,759.66 on Thursday, moving within the confines of this column's envisaged support zone (1,738 to 1,782 levels).
The FBM KLCI hit its intra-week high of 1,781.84 on Monday before consolidating to its intra-day low of 1,759.66 on Tuesday.
It closed at 1,776.56 points yesterday, giving a total week-on-week gain of 0.40 points, or 0.02 per cent.
The FBM KLCI's weekly price chart continued to stay within the confines of its long- and intermediate-term trendlines (see weekly chart - A1:A2 and A3:A4).
Chartwise, the FBM KLCI staged a successful re-test of the support of its intermediate-term downside support (see daily chart - B3:B4) over the week.
It continued to stay above the support of its intermediate-term downtrend (B5:B6).
The FBM KLCI's daily and weekly fast MACDs continued to stay below their respective slow MACDs at the market close yesterday.
However, its monthly fast MACD continued to stay below its monthly slow MACD.
The index's 14-day RSI stayed at the 58.13 per cent level yesterday. Its 14-week and 14-month RSI stayed at 57.29 and 65.96 per cent levels.
The FBM KLCI alternated between consolidations and mild technical rebounds over the week.
In summary, the index's mild technical rebound accounted for a week-on-week gain of 0.40 point, or 0.02 per cent.
Following the week's mild technical rebound, the FBM KLCI is likely to remain firm.
Second and third liners will continue to consolidate further while heavyweight index counters will provide some stability.
Next week, the FBM KLCI's envisaged resistance zone is at the 1,781 to 1,815 levels while its immediate downside support is at the 1,738 to 1,782 levels.
The subject expressed above is based purely on technical analysis and opinions of the writer. It is not a solicitation to buy or sell.