Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend Composite Index 25/11/2010
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As indicated by A, the KLCI gained 7.95 points or 0.53%, closing at 1496.49 points. However, the KLCI is still resisted by the 1500 as well as the Bollinger Middle Band. Thus the immediate technical outlook remains on the negative side. Support for the KLCI are found at 1487 and 1459 WinChart Automatic Fibonacci Retracement.

As shown on the chart above, the Bollinger Bands contracted 13%, and this suggests that the KLCI is taking a consolidation, and as long as the Bollinger Bands is still contracting, the KLCI is likely to consolidate.

As indicated by B, total market volume fell 6.05% with volume below the 40-day volume moving average. The lower volume is usually normal as the KLCI consolidate.

As indicated by C, the Stochastic breaks above 30%, leaving the short term bearish region. Generally, if the Stochastic should stay around 50%, the KLCI is likely to stay in a sideways manner.

In short, immediate technical outlook for the KLCI remains weak as it is still below the Bollinger Middle Band. Meanwhile, the KLCI is trying to climb back to above the 14, 21, 31 EMA, and if it could resumes its position above the 14, 21, 31 EMA, there is a chance of the KLCI to resume its uptrend.

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