As indicated by A, the KLCI lost 21.63 points or 2% on Thursday, breaking below the 1064 support, and therefore, the next support for the KLCI will be at 1035 WinChart Automatic Fibonacci Retracement while the resistances remain at 1064 WinChart Automatic Fibonacci Retracement followed by 1100 psychological resistance level.

As mentioned on Wednesday's analysis, the Bollinger Bands Width expanded 38%, while the KLCI is still below the Bollinger Middle Band; therefore, the immediate movement for the KLCI is likely to be bearish biased. Generally, if the Bollinger Bands Width should continue expanding while the KLCI remains below the Bollinger Middle Band, the bearish movement shall continue until the contraction of the band width, which would suggest a consolidation for the KLCI. Still, the Bollinger Middle Band would be the first target if the KLCI should rebound.

As indicated by B, total market volume increased 20.4% despite the KLCI falls, which suggests some increase of selling pressure. Nevertheless, the increase of volume also implies some bargain buying.

As circled at C, the WinChart started falling after tested the 50% level; therefore, this suggests that the market movement for the mid term is still weak. WinChart RSI has to stay above the 70% level in order to suggests a bullish movement for the KLCI.

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