Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend Composite Index 03/12/2010
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As indicated by A, the FBM KLCI had an intra-day high reaching 1508.41 points, but profit taking pulled the KLCI lower, and at the close, the KLCI loss 2.24 points to close at 1500.98 points. Immediate support for the KLCI is still at 1500 while the resistance is at 1525 followed by 1532 WinChart Automatic Fibonacci Retracement.

As indicated by B, total market volume fell 1.33%, and still below the 40-day volume moving average. This suggests that the market is relatively quiet, and this also implies that the market confidence is low. Therefore, without sufficient market participation, the KLCI is less likely to pick up more strength.

As indicated by C, the Stochastic fell slightly, but still above 70%, thus this suggests that the short term movement of the KLCI is still on the on the positive side.

Despite the profit taking activities on Friday, the KLCI remains above the 14, 21, 31 EMA as well as the Bollinger Middle Band, thus the immediate technical outlook is still positive.

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