As indicated by A, the KLCI was precisely supported by the 949.91 WinChart Automatic Fibonacci Retracement support before closing the day at 953.70 points, losing 2.02 points. (Study A) Mean while, the KLCI remained in the congestion region at the 14, 21, 31 EMA and as a result, the direction of the KLCI is still unclear for the KLCI is still in a consolidating stage. Nonetheless, support is at 949.91 or 950 Fibonacci Retracement while the resistance remained at 970.49 Fibonacci Retracement.

As circled by B, WinChart RSI continued ended lower, leaving the 70% bullish region. At the moment, WinChart RSI is showing a neutral mid-term market sentiment. (Study B)

As shown by circle C, Stochastic %K ended lower and staying below the 30% level bearish region. Mean while, %D line also falling and barely staying above the 30% level. If the %D line dropped below the 30% level, it shall confirm the %K bearish signal, and the market sentiment for the short-term would be bearish. (Study C)

Find this analysis useful? Why not share it with others? Click Here to send this to a friend

Straits Index (M) Sdn Bhd
No. 16, Jalan LP 1A / 5, Lestari Perdana,
43300 Seri Kembangan, Selangor
Hotline: (03) 8941 6828  (5 lines)   Fax: (03) 8941 9828    
Email: info@straitsindex.com
© Copyright 1997-2006 Straits Index (M) Sdn Bhd All rights reserved