Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend Composite Index 02/11/2010
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As indicated by A, the FBM KLCI fell 3.09 points to close at 1506.57 points. Resistance for the KLCI remains at 1525 while the support is at 1500. As shown on the chart above, the Bollinger Bands contracted 9%, suggesting that the KLCI is not picking up strength as its volatility is still low. Nevertheless, provided that the KLCI could stay above the Bollinger Middle Band, immediate technical outlook shall remain positive.

As indicated by B, total market volume fell 5.6%, but volume stays above the 40-day volume moving average. This indicates that the overall market is still well-participated, thus the market sentiment as a whole is still positive.

As indicated by C, the Stochastic retreated gradually, but still staying above 70%, in the short term bullish region. Therefore, the Stochastic is still suggesting a short term bullish signal for the KLCI.

In short, the KLCI is taking a pause before testing the 1525 all time high resistance. Generally, technical reading of the KLCI chart is still positive, with the 14, 21, 31 EMA long term dynamic support still intact, the uptrend of the KLCI is well in place.

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