Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend Composite Index 10/01/2011
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As indicated by A, the KLCI opened higher on Monday, but soon started its technical correction, and at the close, the KLCI loss 8.69 points or 0.55% to 1563.52 points. Support for the KLCI is at 1552.66 WinChart Automatic Fibonacci Retracement while the resistance is at 1576.95.

The KLCI pullback on Monday was a reaction to an over-heated condition, as the KLCI has been staying above the 20-day Bollinger Upper Band for 5 days. However, the pullback does not affect the overall uptrend.

As indicated by B, total market volume fell 12.22%, but still above the 40-day Volume Moving Average. This shows that the market is still actively participated, and if volume should stay above the 40-day Volume Moving Average, the positive market sentiment is expected to remains intact.

As indicated by C, the Stochastic fell slightly, but still above 70%, in the short term bullish territory. Therefore, the short term movement for the KLCI is still positive, until the Stochastic should fall below 70%.

Despite the pullback effect, the overall uptrend of the KLCI remains intact, and the 14, 21, 31 EMA is still serving as the dynamic support to the KLCI, thus the technical outlook remains positive.

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