Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend Composite Index 22/11/2010
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As indicated by A, the KLCI had its intra-day high reaching 1510.13 points, but it was resisted by the Bollinger Middle Band, and the KLCI lost 2.85 points for the day, and the Bollinger Middle Band is now serving as the dynamic resistance.

Meanwhile, the Bollinger Bands only expanded 2%, as the expansion is not significant. However, with the KLCI below the Bollinger Middle Band, the immediate technical outlook for the KLCI is on the negative side.

As indicated by B, total market volume fell 5.39%, with volume below the 40-day volume moving average. Therefore, this shows that the overall market is lightly participated, and without sufficient market participation, the KLCI is less likely to pickup any strength.

As indicated by C, the Stochastic fell below 30%, entering the short term bearish region. If the Stochastic should stay below 30%, the market movement for the short term is expected to be bearish bias.

In conclusion, the KLCI is testing the Bollinger Middle Band, and the immediate technical outlook is turning to the negative side. However, the long term movement of the KLCI remains positive, as it is above the 14, 21, 31 EMA.

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