Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend Composite Index 22/12/2010
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As indicated by A, the FBM KLCI gained 9.87 points or 0.66%, to close at 1515.05 points. The immediate resistance for the KLCI remain at 1532 while the support is still at the 1500 level. Meanwhile, the KLCI is also set to test the descending line of the triangle.

As shown on the chart above, the Bollinger Bands expanded with only 4%, but still the immediate technical outlook turns slightly positive as the KLCI breaks above the Bollinger Middle Band. If the Bollinger Bands should continue to expand, while the KLCI stays above the Bollinger Middle Band, more upside room is expected for the KLCI.

As indicated by B, total market volume fell 7.95%, but with volume above the 40-day Volume Moving Average. Generally, if volume could stay above the 40-day Volume Moving Average, the market sentiment is expected to improve.

As indicated by C, the Stochastic rebounded strongly, breaking above the 70% level by margin. If the Stochastic could stay above 70%, it means that the KLCI short term movement is picking up strength again.

In conclusion, technical outlook is turning positive as the KLCI regain its position above the Bollinger Middle Band, as well as the 14, 21, 31 EMA. The KLCI is set to test the all time high resistance of 1532.

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