Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend Composite Index 27/09/2010
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As indicated by A, the FBM KLCI rebounded, filling up the Gap which took place on Friday, gaining 13.52 points or 0.9%, to close at 1464.71 points. Resistance for the KLCI is at 1480 while the support is at 1436 followed by 1424 WinChart Automatic Fibonacci Retracement.

As shown on the chart above, the KLCI is testing the Bollinger Middle Band. If the KLCI could break above the Bollinger Middle Band, the immediate technical outlook is expected to return to bullish biased.

As indicated by B, total market volume fell 32.9%, but still above the 40-day VMA level. Generally, if volume should stay firmly above the 40-day VMA level, the market sentiment as a whole is likely to be positive.

As indicated by C, the Stochastic rebounded, but it has not returned to above 70%. Technically, the Stochastic stochastic has to break above 70% in order to resume the short term bullish signal for the KLCI.

In conclusion, the KLCI rebounded and regaining some of its losses last week. Basically, if the KLCI could return to above the Bollinger Middle Band, the technical outlook shall remain positive. In short, the uptrend of the KLCI is still intact.

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