On Friday, the Composite Index rebounded with a mild gain of 0.99 points, closing at 937.04 points. As shown in the chart above, KLCI is still trending in the uptrend channel, with the dynamic support at T1 line. More over, 10 days Bollinger Band contracted 6%, indicating that the KLCI is indeed consolidating.

At the moment, supports for KLCI fall on the 931.45 Fibonacci retracement as well as the T1 dynamic support; while the resistances are at 10 days Bollinger Middle Band and the 953.88 5 years high. (Study A)

Total market volume was lower, decreased a 6.8% from yesterday's total market volume. Needless to mention, it is still below the 40 days VMA level, as it suggests that the market is relatively quiet. (Study B)

%K of Stochastic ended lower. Staying below the 30% level, which is the short-term bearish zone. If we see the %D line drop below the 30% level, it would confirm the bearish market for KLCI in the short-term. As long as Stochastic staying below the 30% level, expect more downside movement for KLCI. (Study C)

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