As indicated by A, the KLCI had its pullback on Thursday, after its over-sold condition. The pullback is normal. The KLCI had its intraday gains more than 16 points, but started to retreat when the European markets opened in the afternoon. At the close, the KLCI gained 8.17 points or 0.53% at 1544.21 points. The immediate resistance for the KLCI is at 1566 while the support is at 1500.

Despite its rebound, with 472 gainers, total market volume remains below the 40-day Volume Moving Average, as indicated by A. In short, the market is still relatively quiet.

As indicated by C, the Stochastic rebounded slightly, but still stays below 30%, in its short-term bearish territory. This shows that the short-term movement of the KLCI is still negative.

In conclusion, the rebound on Thursday is considered as a technical rebound as a pullback effect after being over-sold, while the technical outlook remains negative. If the KLCI should start falling again, forming lower-highs and breaking its recent low of 1535, the downtrend is likely to be extended.