On Thursday, the Composite Index opened higher at 927.5 points and attempted to regain some ground. Despite opening at a higher lever, KLCI closed lower with a lost of 2.74 points. For the day, KLCI had a daily low at 921.64 which was the same as Wednesday's daily low, before closing at 923.64 points. Therefore, immediate support for KLCI falls on the L1 line at 921.64 points. (Study A)

As for the resistance level, they are at the 931.45 Fibonacci Retracement and the T1 dynamic resistance. Total market volume for the day stood at 3.59 million lots, a 7% decreased from yesterday's total market volume and still below the 40 days VMA level. (Study B)

As shown in C circle, %K of Stochastic went back to below 10% level, in line with the %D. This shows that the KLCI is indeed bearish although a technical rebound is over-due. Regardless of the over-sold signal, short-term market outlook for KLCI remains negative for both lines of Stochastic are below 30% level.

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