Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend Composite Index 14/10/2010
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As indicated by A, the FBM KLCI tested the 1500 level, with its intraday-high reaching 1503.82, but at the end, the KLCI failed to stay above the 1500 level, losing 0.59 of a point to close at 1496.38 points. Therefore, the immediate resistance for the KLCI is still at 1500 level while the support is at 1480.

Meanwhile, the Bollinger Bands only expanded 3%, implying that the Bollinger Bands might be contracting. And if the Bollinger Bands should begin to contract, it would be a signal suggesting a consolidation for the KLCI. Nevertheless, as the KLCI is still above the Bollinger Middle Band, immediate technical outlook is still positive.

As indicated by B, total market volume increased 6.2%, with volume still above the 40-day Volume moving average line. Overall market sentiment remains positive.

As indicated by C, the Stochastic retreated after hitting 100%, suggesting that the KLCI was over-heated for the short term movement. As long as the Stochastic could stay above 70%, the market movement for the short term is still bullish bias.

In conclusion, the KLCI attempt to break above the 1500 but not yet successful. However, this has not changed the technical outlook as the KLCI uptrend remains intact. 

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