Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend Composite Index 11/02/2011
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As indicated by A, the KLCI closed at 1494.52 points, falling 9.47 points or 0.63%. The KLCI broke below the 1498.31 WinChart Automatic Fibonacci Retracement and therefore, the immediate resistance is at 1498.31 while the new support is at 1474.02 WinChart Automatic Fibonacci Retracement.

As shown on the chart above, the Bollinger Bands expanded 23%, with the KLCI below the Bollinger Middle Band. Therefore, the Bollinger Bands is showing a bearish biased signal for the KLCI.

As indicated by B, total market volume fell 24.51%, with volume below the 40-day Volume Moving Average. This suggests that investors are staying on the sidelines as the market condition is unstable now. If volume should remain low, the KLCI or the market is less likely to regain its strength.

As indicated by C, the Stochastic rebounded slightly after hitting 0%. But it is still below 30%, as the short term bearish signal remains intact. The short term movement of the KLCI is expected to be weak unless the Stochastic could break above 30%.

In conclusion, the KLCI is breaking below 1500 psychological support by margin, and the technical outlook is still on the negative side, as the KLCI is below the 14, 21, 31 EMA.

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