Due to the overnight loss of the Dow Jones Industrial Average, the KLCI also opened lower on Friday. As indicated by A, the KLCI opened with a gap, suggested some panic selling. Nevertheless, the Bollinger Middle Band is still serving as the dynamic resistance for the KLCI, and the other resistance for the KLCI is the 1215 Fibonacci Retracement line.

As indicated by A, the 1188.50 Fibonacci Retracement line, as mentioned on Thursday's analysis, is still the support for the KLCI. But still the T1 downtrend line remains intact. Therefore, the KLCI is still trending down and the outlook for the KLCI shall remains weak until a successful break out from the T1 downtrend line.

As indicated by B, total market volume declined 5.3%, and as a result, the total market volume remains below the 40-day VMA level. Again, if the total market volume should remain below the 40-day VMA level, it would suggests that the market participation is still insufficient, and therefore, the KLCI is likely to remains in consolidation.

As circled at C, the Stochastic is still situated below the 30% level, which is a short term bearish region. Therefore, the market movement for the short term is bearish biased. If the Stochastic should break above the 30% level, it would mark a beginning of another technical rebound.

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