Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend Composite Index 28/02/2011
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As indicated by A, the KLCI had its intra-day low reaching 1474.38, at one point losing up to 14.89 points or 1%, before rebounded to close at 1491.25. The KLCI was supported by 1474 WinChart Automatic Fibonacci Retracement while the resistance is at 1498.

Meanwhile, the Bollinger Bands expanded 8%, with the KLCI still below the Bollinger Middle Band, and therefore, the Bollinger Bands is still showing a negative signal for the KLCI.

As indicated by B, total market volume fell 16.31%, with volume staying below the 40-day Volume Moving Average. This shows that the market is indeed quiet, as investors shun the stock market amid unfavorable sentiment.

As indicated by C, the Stochastic rebounded on Monday, breaking above the 30% by margin. Technical, when the Stochastic should break above 30%, it is a signal suggesting a beginning of a technical rebound. However, it was still too close to call for now.

In short, the short term downtrend for the KLCI remains intact, with the 14, 21, 31 EMA still serving as the dynamic resistance while the T1 and T2 downtrend channel is still in place.

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