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The Composite Index ended firmer on Thursday, closing at the high of the day at 913.14 points, up 3.37 points. As displayed on the chart above, the KLCI is stopped at the 913 Fibonacci level while still facing the hurdle at 914 resistance level. (Study A) On the support side, the 10 days Bollinger middle band as well as the T2 dynamic support.

At this moment, the up trend channel is still valid, and if the KLCI can break above the 914 resistance level, the next resistance would be at the T1 dynamic resistance line. In addition, the multiple moving averages are converging on the upward direction, suggesting a bright outlook for the KLCI.

Total market volume on Thursday stood at 687 million shares, a gradual 3.4% higher. At this point, market volume is healthy with very good market participation. Provided the volume remains above the 40 days VMA (volume moving average), market outlook is on the positive bias. (Study B)

As pointed by the C curve, the MACD histogram continue its upward movement, suggesting that the market sentiment for the short-term is still bullish. This bullish sentiment is likely to continue until a round top pattern is formed at the histogram. (Study C)

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