Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend Composite Index 30/03/2011
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As indicated by A, the KLCI gap up on Wednesday, gaining 11.54 points or 0.76%. The KLCI breaks above the 1525 WinChart Automatic Fibonacci Retracement resistance, and now the 1525 WinChart Automatic Fibonacci Retracement is the immediate support for the KLCI, while the 14, 21, 31 EMA is still serving as the dynamic support to the KLCI. Resistance for the KLCI is seen at 1537 WinChart Automatic Fibonacci Retracement.

As indicated by B, total market volume increased 33.14%, with volume above the 40-day Volume Moving Average. As the inflow of fresh capital increases, it helps by offsetting some selling pressure, and improves liquidity of the market, thus help lifting the market sentiment.

As indicated by C, the Stochastic stays above 70%, in the short term bullish territory. The KLCI short term movement is likely to be positive as long as the Stochastic should stay above 70%, and if the Stochastic should fall below 70%, it would be a signal suggesting a beginning of a technical correction.

With the KLCI above the 14, 21, 31 EMA, the technical outlook for the KLCI is positive, together with stronger volume, the market sentiment as a whole is expected to improve. However, the KLCI has yet to form a higher-low, in order to form an uptrend.

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