Straits Index (M) Sdn Bhd
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Daily Market Analysis
Send to a Friend Composite Index 21/03/2011
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As indicated by a, the KLCI rose 4.99 points to close at 1509.88 points, but it is still testing the 31-day EMA dynamic resistance. Thus the overall market outlook has not turned positive. Support for the KLCI is at 1498 while the immediate resistance is at 1513 WinChart Automatic Fibonacci Retracement.

As indicated by B, total market volume increased 20.8%, but volume is still below the 40-day Volume Moving Average. This shows that the market is still quiet despite the increased of volume. In short, the market is not likely to regain its strength, if volume should stay relatively low.

As indicated by C, the Stochastic is still rising, after breaking above 50%. If the Stochastic could break above 70%, it would be a short term bullish signal for the KLCI.

In conclusion, the KLCI is showing sign of a rebound, but is yet to test the 31-day EMA. If the KLCI could successfully break above this resistance, it would be breaking away from its downtrend since January. If volume could also increase and break above the 40-day Volume Moving Average, the market sentiment is expected to improve.

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