Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend Composite Index 05/04/2011
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As indicated by A, the KLCI started its pullback effect on Tuesday, after the short term over-heated condition. The KLCI loss 2.41 points or 0.15%, to close at 1553.07 points. Despite the pullback effect, the technical outlook for the KLCI is still on the positive side, with the 14, 21, 31 EMA still serving as the dynamic support, other than the 1538 WinChart Automatic Fibonacci Retracement; while the resistance is at 1577 WinChart Automatic Fibonacci Retracement.

As indicated by B, total market volume fell 5.55%, but still able to hold up above the 40-day Volume Moving Average. This suggests that the overall market is still actively participated, thus the gradually improving market sentiment is likely to be sustainable.

As indicated by C, the Stochastic is still falling, but still above 70%. This shows that the short term bullish signal for the KLCI remains intact, despite the pullback effect.

In conclusion, the pullback effect of the KLCI is healthy, and as long as the KLCI should remains supported by the 14, 21, 31 EMA, there is still a chance to form a higher-low, which is an early sign of an uptrend formation.

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