Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend Composite Index 11/01/2011
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As indicated by A, the FBM KLCI fell 0.58 of a point to close at 1562.94 points. Support for the KLCI is at 1552.66 WinChart Automatic Fibonacci Retracement while the resistance is at 1576.95 WinChart Automatic Fibonacci Retracement. Meanwhile, the Bollinger Bands contracted 4%, and this suggests that the KLCI is expected to consolidate further. Also, the Bollinger Middle Band could serve as a dynamic support too, and with the KLCI above the Bollinger Middle Band, the immediate technical outlook is still on the positive side.

As indicated by B, total market volume increased 21.55%, with volume firmly above the 40-day Volume Moving Average. Generally, if volume should stay above the 40-day Volume Moving Average, the market sentiment as a whole is expected to stay positive.

As indicated by C, the Stochastic is still falling, but still holding up above the 70%. Therefore, the short term bullish signal remains intact. If the Stochastic should break below 70%, it would mark an end to the short term bullish signal.

In conclusion, the KLCI technical correction continues after staying over-heated. However, this does not mean that the KLCI uptrend is over. On the other hand, if the KLCI should form another higher-low after this technical correction, while staying above the 14, 21, 31 EMA, it means that the uptrend is still intact.

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