Daily KLCI Technical Analysis 20/04/05 

On Wednesday, 20/04/05, KLCI opened at 868.19 and hit the daily high of 874.51 at T1 down trend resistance (A), then pulled back and closed at 871.91, up 4.14 points (0.5%). As a result, KLCI down trend is still intact. 10 days Bollinger opened a fraction of 3% indicating that the current volatility remained low. For the day, volume was up 29.1% but still stood below 40 days VMA (B). For a break out above the T1 trend resistance, volume needs to be above the 40 days VMA. 

Currently, KLCI’s resistance is still at the WinChart automatic Fibonacci Retracement of 878.96 and also the down trend channel resistance (T1), while the support is at Fibonacci 859.81. 

As shown in (C), RSI is situated below the 50% level in the neutral zone. Should KLCI go side ways, we should see RSI flooding around the 50% level. 

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