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The Composite Index ended mixed on Wednesday, easing 1.27 points to 924.4 points. As indicated by A, the KLCI is still supported by the 10 day Bollinger middle band dynamic support while the Bollinger band width expanded an insignificant 2%. Generally speaking, 2% is too small to indicate any signals, and therefore, the KLCI is likely to remain in consolidation. (Study A)

Support for the KLCI also found at the T2 dynamic support as well as the 920 Fibonacci level, while the resistance for the KLCI is still at the 931 level.

Total market volume on Wednesday stood at 665 million shares, a 0.1% lower. Again, the volume failed to break above the 40 days VMA level suggesting that the market was not actively participated, relatively. Although it is usually normal to have lower volume during a consolidation, prolong consolidation with lower volume would threaten the continuation of the up trend. (Study B)

As pointed by C, the MACD histogram descended again on Wednesday, suggesting that the bull was unable to regain strength. Therefore, market sentiment for the short-term would remain bearish bias until a round bottom is formed at the histogram. (Study C)

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