Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend Composite Index 08/11/2010
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As indicated by A, the FBM KLCI opened higher on Monday, due to strong gains of the US market last week. The KLCI touched its high of 1522.77 points, and eventually ended at 1519.84 points, upped 8 points. Resistance for the KLCI remains at 1525 WinChart Automatic Fibonacci Retracement while the support is at 1500 mark.

As shown on the chart, the Bollinger Bands expanded 15%, with the KLCI above the Bollinger Middle Band, thus the Bollinger Bands is still showing a bullish signal. Meanwhile, the KLCI is still firmly supported by the 14, 21, 31 EMA, which serves as the long term uptrend dynamic support.

As indicated by B, total market volume increased 18.9%, with volume above the 40-day volume moving average. Overall market is still actively participated, and the market sentiment as a whole remains positive.

As indicated by C, the Stochastic stays above 70%, in the short term bullish territory. Therefore, this suggests that the market movement for the short term is bullish bias.

In short, immediate technical outlook for the KLCI remains positive, and if the Bollinger Bands should starts to contract, it would be a signal suggesting a consolidation for the KLCI. Uptrend remains in place, unless the 14, 21, 31 EMA dynamic support is violated.

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