Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend Composite Index 10/12/2010
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As indicated by A, the KLCI fell 14.01 points or 0.92%, to close at 1507.28 points. Resistance for the KLCI remains at 1525 and the immediate support for the KLCI is at 1500. Despite the falling, the KLCI remains supported by the 14, 21, 31 EMA, thus the technical outlook remains on the positive side.

Meanwhile, the Bollinger Bands contracted 2% and if the Bollinger Bands should continue to narrow down, the KLCI is expected to consolidate again.

As indicated by B, total market volume increased 0.39%, with volume above the 40-day Volume Moving Average. This suggests that the market is still relatively active.

As indicated by C, the Stochastic is testing 70%, and if the Stochastic should fall below 70%, it will mark an end to the short term bullish signal for the KLCI.

In short, the KLCI is likely to consolidate, or stay in range bound, but technical outlook remains positive, unless the KLCI should fall below the 14, 21, 31 EMA dynamic support.

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