Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend Composite Index 15/10/2010
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As indicated by A, the FBM KLCI fell 6.52 points or 0.4% on Friday, closing at 1489.86 points. Support for the KLCI is at 1480 WinChart Automatic Fibonacci Retracement while the resistance remains at 1500 level.

As shown on the chart above, the Bollinger Bands contracted 7%, suggesting that the KLCI is consolidating, and the Bollinger Middle Band shall be the dynamic support. If the KLCI could rebound from the Bollinger Middle Band, the immediate technical outlook is expected to remain positive.

As indicated by B, total market volume fell 19.9%, but volume remains above the 40-day volume moving average. This suggests that the overall market is still actively participated, but if the KLCI should attempt to break above the 1500 level again, more volume is needed.

As indicated by C, the Stochastic fell below 70%, and this is a signal suggesting a beginning of a technical correction for the KLCI.

In conclusion, the KLCI failed to break above 1500 level, and started its technical correction, but the overall uptrend remains unaffected as the KLCI is still supported by the 14, 21, 31 EMA long term dynamic support.

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