Despite having a daily high at 1269.59 points, the KLCI closed towards its daily low at 1261.82 points, up only 1.24 points on Thursday. Therefore, the Bollinger Bands Width is still expanding, as indicated by A, suggests that the bearish biased signal remains intact. The KLCI is heading to the next support at 1244 Fibonacci Retracement line, while resistance is still at 1300 psychological level.

As indicated by B, total market volume increased 14% on Thursday. However, it is still below the 40-day VMA level, suggesting that the market participation is still weak. Therefore, unless the volume could break above the 40-day VMA level, the weakness of the KLCI is expected to continue.

As circled at C, the Stochastic remains below the 10% level, in the short term over-sold region on Thursday. Therefore, the KLCI is likely to have a technical rebound. However, if the Stochastic should remain below the 30% level after the possible rebound, the market movement for the short term is still bearish biased.

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