As indicated by A, the KLCI ended lower after resisted by the Bollinger Middle Band on Friday; however, it was supported precisely at the L1 line of the Symmetrical Triangle, closing 2.75 points lower to 890.67 points. Support for the KLCI remains at 885 WinChart Automatic Fibonacci Retracement while the resistance is still at 905 WinChart Automatic Fibonacci Retracement.

As shown on the chart above, the Bollinger Bands Width expanded 6%, and still the expansion was insignificant to suggest any signal yet. Nevertheless, if the Bollinger Bands Width should continue to expand with the KLCI below the Bollinger Middle Band, the outlook for the KLCI would turn bearish biased.

As indicated by B, total market volume increased 21.3%, with the volume touching the 40-day VMA level. This shows that the market participation was relatively active on Friday. If the KLCI should fall with relatively higher volume, it would suggest an increased of selling pressure.

As circled at C, the Stochastic is breaking below 30% level again, entering the short term bearish region. If the Stochastic should remain below 30% level, the market movement for the short term is expected to be bearish biased.

In conclusion, due to the uncertain market sentiment, the KLCI remained in its consolidation in the Symmetrical Triangle. Nevertheless, with the Bollinger Bands Width about to expands and the KLCI being so closed to the tip of the triangle, the consolidation of the KLCI is expected to end soon.

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