Although the Composite Index closed lower, it rebounded after touching today's low at 909.8 which was around yesterday's low. Nonetheless, KLCI lost 2.48 points to 911.69 points. 10 days Bollinger band width continues to open 38%, which was relatively smaller if compared to yesterday's opening of 109%. KLCI immediate outlook remains bearish with a signal of a possible technical rebound.

As indicated in A, KLCI Thursday's candle was entirely away and below the 20 days Bollinger lower band. This suggests that a pull-back effect is due to happen.

Support for KLCI is now at 906.36 Fibonacci retracement while the resistance is at 917.57 Fibonacci retracement as well as the 10 days Bollinger middle band dynamic resistance.

As shown in B, the MACD line has breached below the zero level, suggesting that the long term market sentiment is now turning cautious. (Study B)

In additional, both lines of the Stochastic are still situated below the 30% level. This suggests that the short-term market sentiment is still bearish bias. (Study C)

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