Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend Composite Index 23/02/2011
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As indicated by A, the KLCI opened lower, but it managed to regain most of its daily losses, and tested the T1 downtrend line. At the close, the KLCI fell 2.52 points or 0.17%, to close at 1511.11 points. Resistance for the KLCI remains at 1513 WinChart Automatic Fibonacci Retracement while the support is at 1500 psychological support.

In addition to that, the KLCI is also testing the Bollinger Middle Band. Currently, with the KLCI still below the Bollinger Middle Band, the immediate technical outlook for the KLCI is still on the negative side.

As indicated by B, total market volume fell 2.68%, with volume below the 40-day Volume Moving Average. Overall market is lightly participated, and this implies that the investor confidence is relatively low amid cautious market sentiment across the region.

As indicated by C, the Stochastic retreated slightly, failing to hold up above 70%. If the Stochastic should break below 30%, it would enter the short term bearish territory, and that suggests that the KLCI short term movement would turn negative.

Besides testing the T1 downtrend line and the Bollinger Middle Band, the KLCI is still below the 14, 21, 31 EMA, which is the dynamic resistance, and therefore, the technical outlook shall remains on the negative side.

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