Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend Composite Index 14/09/2010
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The KLCI continued its rally, lead by blue chips, closing at 1474.44 points, gaining 17.48 points and marked a new high since 15th of January, 2008. Resistance for the KLCI is at 1500 level while the support is at 1436 WinChart Automatic Fibonacci Retracement, as well as the Bollinger Middle Band.

As shown on the chart above, the Bollinger Bands expanded 21%, with the KLCI above the Bollinger Middle Band, thus the technical signal is positive. In short, provided that the KLCI could maintain above the Bollinger Middle Band, the technical outlook shall remains positive.

As indicated by B, total market volume increased 23.4%, with volume above the 40-day VMA level. This suggests that the market sentiment as a whole is still positive.

As indicated by C, the Stochastic touched 100% again, which implies that the short term movement of the KLCI is now over-heated again. But nevertheless, provided that the Stochastic is above 70%, the short term movement for the KLCI is still bullish biased.

In conclusion, the KLCI is firmly above the 14, 21, 31 EMA, since 17th of June, and this is the long term dynamic support for the KLCI uptrend. With the bullish Bollinger Bands signal, together with the 14, 21, 31 EMA, supporting the KLCI, the uptrend remains intact.

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