| KLCI
Daily Analysis 12/07/2005 |
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1997-2005 (M)
Sdn Bhd All Rights Reserved. |
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Composite Index Daily Technical Analysis, 12/07/2005
Composite Index opened with a Gap on Tuesday trading. For the day, KLCI gained another 6.4 points ended the day's trading at 915.72 points. Immediate resistance for KLCI is at the 10 days Bollinger Upper Band while further up resistance can be found at 921.56 WinChart Automatic Fibonacci Retracement. Support for KLCI remain at 906.5 (L1) as well as the Bollinger Middle Band dynamic support. On Tuesday, KLCI daily candle had gone above the 20 days Bollinger Upper Band, thus issued a warning for the possible pull-back effect in the coming trading days.(Study A) Total market volume for the day was 68.1% higher standing firmly above the 40 days VMA level. This shows that the market on Tuesday was very active, and did give the Break-away gap a firm support. (Study B) Although +DI showed a positive signal, ADX, on the other hand, did not give any confirmation to this bull signal. ADX had been pointing downward for the pass two weeks, thus showing that the Bull signal of the +DI is weak. (Study C)
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