Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend Composite Index 14/02/2011
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As shown on the chart above, the KLCI formed a T1 and T2 downtrend channel, with the T1 line being the dynamic resistance. The KLCI rebounded on the T2 line, gaining 10.81 points or 0.72%, closing at 1505.33 points. Support for the KLCI is at 1498 or 1500 while the first resistance is at 1513.

Meanwhile, the Bollinger Bands expanded 7%, with the KLCI below the Bollinger Middle Band. This suggests that the immediate technical outlook for the KLCI is on the negative side, unless the KLCI could break above the Bollinger Middle Band.

As indicated by B, total market volume increased 17.77%, with volume above the 40-day Volume Moving Average. If volume should continue to stay above the 40-day Volume Moving Average, while the KLCI continue its rebound, the market sentiment is expected to improve a little more.

As indicated by C, the Stochastic remains below 30%, in the short term bearish territory. This suggests that the short term movement of the KLCI is still weak, until the Stochastic could successfully break above 30%.

In conclusion, if the KLCI should continue to stay within the T1 and T2 line, the technical outlook is likely to be negative.

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