Composite Index ended vigorously lower losing 8.47 points to 914.17 points. 10 days Bollinger band opened109% with the KLCI situated below the middle band, therefore, immediate sentiment for KLCI is severely dampen. Outlook for KLCI is likely to stay bearish, but however, since the KLCI is now below the 20 days Bollinger lower band, a pull back effect is likely to happen, thus a technical rebound is due to happen in the short run. (Study A)

Nevertheless, immediate support for KLCI is now at 913 Fibonacci retracement. On the other hand, resistance for KLCI is still at the 10 days Bollinger middle band dynamic support as well as the 921 Fibonacci retracement.

As indicated in B, total market volume on Wednesday stood at 5.11 million lots, a 39.2% increased from Tuesday's total market volume. At the same time, total market volume for today also managed to stay above the 40 days VMA level. This suggests that the market was active, but however, if volume continue to stay above the 40 days VMA while the KLCI is declining, this might suggests a strong selling pressure. (Study B)

Both %K and %D line of the Stochastic remained below the 30% level, which is the short-term bearish zone. Therefore, as long as we see these lines below the 30% level, more down side risk for KLCI is expected. (Study C)

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