Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend Composite Index 05/10/2010
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As indicated by A, the FBM KLCI rebounded after being supported at the Bollinger Middle Band, gaining 9.92 points to close at 1472.19 points. Resistance for the KLCI remains at 1479.59 followed by 1500 level, and the supports are found at 1436 followed by 1424 WinChart Automatic Fibonacci Retracement.

As shown on the chart above, the Bollinger Bands expanded 4%, with the KLCI above the Bollinger Middle Band, thus the Bollinger Bands is showing positive signals again, although the expansion was rather insignificant.

As indicated by B, total market volume reduced 28%, as the KLCI moves sideways, but volume is still above the 40-day VMA level, thus the market is still relatively active. In short, if the KLCI should sustain its uptrend, a healthy volume firmly above the 40-day VMA level is needed.

In conclusion, the slight re-expansion of the Bollinger Bands suggests that the immediate technical outlook for the KLCI is still on the positive side and if the KLCI could break above 1479.59, the next target would be the 1500 mark.

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