Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend Composite Index 09/02/2011
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On Wednesday, the FBM KLCI fell 3.48 points, to close at 1536.07, breaking below the 1537.63 WinChart Automatic Fibonacci Retracement, and therefore, the 1537.63 is the immediate resistance, while the support is at 1525.49.

Meanwhile, the Bollinger Bands contracted 34%, and this suggests that the KLCI is still is a consolidating stage, until the Bollinger Bands should begin to re-expand.

As indicated by B, total market volume fell 30.89%, but volume remains above the 40-day Volume Moving Average. This suggests that the the overall market is actively participated, and the general market sentiment is still on the positive side.

As indicated by C, the Stochastic is still rising, but it has not broken above 70%, thus it has not signaled a short term bullish signal for the KLCI.

In short, the KLCI is still consolidating, while barely staying above the 14, 21, 31 EMA. Direction for the KLCI is still unclear, and the consolidation is expected to carry on until the re-expansion of the Bollinger Bands.

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