Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend Composite Index 16/11/2010
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As shown on the chart above, despite the KLCI were mostly lower on Tuesday, it managed to rebound at the last minute, ended the day with 1.98 points to close at 1503.54 points. Support for the KLCI remains at 1487 as well as the 1500 level, while the resistance is at 1525 to 1532 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands expanded 1%, with the KLCI below the Bollinger Middle Band. However, the expansion of the Bollinger Bands is insignificant, thus not able to show any bearish signal yet.

As indicated by B, total market volume increased 21.94%, with volume above the 40-day volume moving average. Generally, if volume should stay above the 40-day volume moving average, it is a positive sign. However, if the volume should increase with the KLCI falling, it would suggest an increase of selling pressure.

As indicated by C, the Stochastic rebounded, thus breaking above 30%, leaving the short term bearish territory. If the Stochastic should break and stay below 30%, it would be a short term bearish signal for the KLCI.

In short, the KLCI remains in a consolidation and the short term movement shall remains unclear. With the KLCI below the Bollinger Middle Band, the immediate technical outlook is towards the negative side. However, as the KLCI is still above the 14, 21, 31 EMA, the uptrend is not yet violated.

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