Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend Composite Index 22/02/2011
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As indicated by A, the KLCI started falling again after touching 1525 WinChart Automatic Fibonacci Retracement, and it is now still below the T1 downtrend line. The KLCI closed at 1513.63, downed 12.22 points or 0.8%, and the support for the KLCI is at 1513.

Meanwhile, the Bollinger Bands contracted 3%, as it suggests that the KLCI might still be in a consolidation. If the KLCI should break below the Bollinger Middle Band, the technical outlook for the KLCI would turn back to negative.

As indicated by B, total market volume fell 5.4%, and it failed to hold up above the 40-day Volume Moving Average. Nevertheless, if the volume should stay relatively lower, the market is less likely to pickup any strength.

As indicated by C, the Stochastic started falling, and if the Stochastic should fall below 30%, it would enter the short term bearish territory, suggesting a weakening short term movement for the KLCI.

In conclusion, the KLCI is still resisted by the 14, 21, 31 EMA, as well as the T1 downtrend line, thus the technical outlook is on the negative side.

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