As pointed by A, the KLCI continued its consolidation on Thursday while successfully supported by the Bollinger middle band dynamic support. Mean while, the Bollinger Band width also contracted 12%, suggested that the KLCI is still consolidating. Resistance for the KLCI remained at 983.79 Fibonacci Retracement while the 970 is still an important support level.

Total market volume fell 6.3%, with around 531 million shares. Volume manged to stay marginally above the 40 days VMA level suggested that the market participation was still at a comfortable level. However, if the KLCI were to re-test the 983.79 resistance, more volume is required. (Study B)

%K of Stochastic rebounded, while the %D remained above 70% level. Therefore, Stochastic suggested a bullish bias short-term market movement. As long as the Stochastic could remained above 70% level, market movement for the short-term is expected to stay positive. (Study C)

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