SHARE prices on Bursa Malaysia played catch-up with the continuing technical rebounds on the Wall Street and regional stock markets for the week ended yesterday.
The FTSE Bursa Malaysia KLCI (FBM KLCI) rebounded to its intra-week high of 1,779.40 on Thursday.
The index hit its intra-week low of 1,726.27 on Monday before staging a technical rebound to its intra-week high of 1,779.40 on Thursday, giving an intra-week trading range of 53.13 points. Last week's intra-week trading range was 25.37 points.
The FBM KLCI's 30 index-linked components registered a week-on-week gain of 47 points over the last five trading days. It posted 29 gainers with one counter posting a week-on-week loss.
The index opened higher at 1,726.27 points on Monday before hitting its intra-week high of 1,779.40 on Thursday. It ended the week at 1,770.80 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 at the market close yesterday. Momentum Index:
Its short-term momentum index continued to stay above the support of its neutral reference line at the market close yesterday. On Balance Volume:
Its short-term OBV trend continued to stay above the support of its 10-day exponential moving averages. Relative Strength Index:
Its 14-day RSI stood at the 58.97 per cent level at the market close yesterday. Outlook
The FBM KLCI hit its intra-week low of 1,726.27 on Monday, staying above the confines of this column's envisaged support zone of 1,686 to 1,720 levels.
Subsequent technical rebounds sent the FBM KLCI to its intra-week high of 1,779.40 on Thursday, breaching the confines of this column's envisaged support zone of 1,728 to 1,762 levels.
The index is likely to consolidate its recent gains over the next few trading days before resuming its prior technical rebound.
Next week, the FBM KLCI's envisaged resistance zone is at the 1,775 to 1,809 levels while its immediate downside support is at the 1,733 to 1,767 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.