Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend Composite Index 07/09/2010
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As indicated by A, the FBM KLCI fell 0.41 points, resistance for the KLCI remains at 1436 point while the support is at 1400 level. As shown on the chart above, the Bollinger Bands contracted 6%, suggesting that the KLCI is consolidating, and the Bollinger Middle Band is serving as the dynamic support.

As indicated by B, total market volume fell 13.7%, with volume below the 40-day VMA level. This suggests that the market is lightly participated, as investors shunned equity amid uncertainty. Nevertheless, it is normal to have lower trading volume during the market consolidate.

As indicated by C, the Stochastic is still falling, and if the Stochastic should break below 70%, it would mark an end to the short term bullish signal.

In conclusion, the KLCI is consolidating, but with an positive technical outlook as the KLCI is still supported by the Bollinger Middle Band, together with the 14, 21, 31 EMA dynamic support.

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