Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend Composite Index 13/09/2010
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As indicated by A, the FBM KLCI ended sharply higher on Monday, up 19.18 points or 1.3%, to close at 1456.96 points, marked a new high since 17th of January, 2008. Support for the KLCI is at 1436 WinChart Automatic Fibonacci Retracement while the resistance is at 1500 level.

As shown on the chart above, the KLCI is still above the Bollinger Middle Band, thus the immediate technical outlook is still bullish biased. However, the Bollinger Bands contracted 6%, thus not confirming the bullish signal.

As indicated by B, total market volume increased 87.5%, with volume touching the 40-day VMA level again. Generally, if volume should stay above the 40-day VMA level, the market is relatively active, thus the positive sentiment is likely to resume.

As indicated by C, the Stochastic rebounded and touched 100% again, signaling a short term over-heated condition again. Nevertheless, with the Stochastic above 70%, the short term movement of the KLCI is expected to be bullish biased.

In conclusion, the technical outlook for the KLCI is still bullish with the KLCI above the Bollinger Middle Band as well as the 14, 21, 31 EMA. Therefore, the uptrend remains intact.

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