Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend Composite Index 03/03/2011
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As indicated by A, the KLCI rebounded on Thursday, breaking above the 1498 and the T1 downtrend line, gaining 7.60 points or 0.51% to close at 1506.88 points. The KLCI is now testing the 1513 WinChart Automatic Fibonacci Retracement while the immediate support is at 1498.

Meanwhile, the Bollinger Bands stopped expanding on Thursday, and this implies that the Bollinger Bands could be contracting, and if the Bollinger Bands should begin to contract, it is a signal suggesting a consolidation signal for the KLCI.

As indicated by B, total market volume remains below the 40-day Volume Moving Average, losing 21.85%. Again, the market is quiet, and it also implies that the investors confidence is still low.

As indicated by C, the Stochastic rebounded on Thursday, but it has not broken above 70%. If the Stochastic could break above 70%, it would be a short term bullish signal for the KLCI.

The rebound of the KLCI has helped the KLCI to break away from the T1 downtrend line. However, the KLCI is still testing the 14, 21, 31 EMA dynamic resistance, and therefore, the technical outlook remains on the lower side.

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