Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend Composite Index 23/11/2010
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Negative news of North Korea affected the Asian markets on Tuesday, and the KLCI fell 15.67 points or 1.04%. The KLCI is temporary supported by the 1487 WinChart Automatic Fibonacci Retracement, and the next support is at 1459. Resistance for the KLCI is at 1500.

As shown on the chart above, the KLCI started falling after resisted by the Bollinger Middle Band yesterday. Together with the Bollinger Bands expanding, the Bollinger Bands is showing a bearish signal for the KLCI.

As indicated by B, total market volume increased 21.32%, as profit taking increases. This implies some increased of selling pressure, and usually have negative effect to the market sentiment.

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

In conclusion, the KLCI is turning weak as it breaks below the 14, 21, 31 EMA, thus violated its uptrend support. For now, technical outlook shall remain weak, unless the KLCI could break above the 14, 21, 31 EMA.

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