Composite Index closed marginally higher on Wednesday with a mild gain of 0.06 points. KLCI on Wednesday attempted to breach above the 928.78 resistance, and failed again. As indicated in A, KLCI is still supported by the 10 days Bollinger middle band dynamic support while the resistance is still at the 928.78 Fibonacci retracement line. (Study A)

As indicated in B, total market volume on Wednesday stood at 4.12 million lots, which was slightly higher than the 40 day VMA level, suggesting that the mass participation of the market was relatively active. (Study B)

As circled in C, both lines of Stochastic remains below the 70% level. This suggests that the short-term market sentiment is not yet bullish, but since it is above the 50% level, it implies that the market sentiment has a slight bullish bias. (Study C)

Copyright 1997-2005 Straits Index (M) Sdn Bhd, All Rights Reserved