Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend Composite Index 08/03/2011
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As indicated by a, the FBM KLCI tested the 1525 WinChart Automatic Fibonacci Retracement, but still resisted by the 1525 resistance, and at the close, it only managed to gained 1.92 points or 0.13%, at 1515.17 points. Support for the KLCI is at 1513 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands contracted 9%, and this suggests that the KLCI is still consolidating, and the direction of the KLCI is still unclear. Generally, the consolidation of the KLCI is likely to carry on until the Bollinger Bands re-expands.

As indicated by B, total market volume increased 63.45%, but still below the 40-day Volume Moving Average. Therefore, the market is still quiet, and investors confidence is still low.

As indicated by C, the Stochastic stays above 70%, suggesting that the short term movement of the KLCI is still positive.

Although the KLCI is now above the Bollinger Middle Band, and the immediate technical outlook is on the positive side, the KLCI is still trendless for now. Nevertheless, if the KLCI could stay above the 14, 21, 31 EMA, the overall technical outlook is still positive.

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