On Thursday, the KLCI ended 3.63 points to close at 1277.57 points. Meanwhile, as indicated by A, the Bollinger Bands Width contracted 5% on Thursday, suggesting that the KLCI is still consolidating. Nevertheless, since the KLCI is now below the Bollinger Middle Band, if the Bollinger Bands Width should expands, it would be a bearish signal for the KLCI. Support for the KLCI is still at 1244 level while the resistance is still at 1300 psychological level.

As indicated by B, total market volume declined another 8.1%, and the volume remains below the 40-day VMA level. This shows that the current market participation is still insufficient, and therefore, the KLCI is less likely to pick up its strength.

As circled at C, the Stochastic %K remains falling while situated below the 30% level. This is an unconfirmed short term bearish signal. If the Stochastic %D line should also break below the 30% level, it would confirm the %K line signal, and the market movement for the short term is likely to be bearish biased.

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