Despite the 2nd board index traded on the negative region mostly, it managed to close 0.15 of a point higher to 95.77 points on Friday. As pointed by A, the 2nd board index was supported by the 94.90 Fibonacci Retracement again, and therefore, the 94.90 Fibonacci Retracement is still the immediate support to the 2nd board index. Mean while, the rising 14, 21, 31 EMA shall remained as the dynamic support to the 2nd board index. (Study A)

Volume for the 2nd board market continued rising on Friday, suggested that the 2nd board market well participated. This generally will improve the market sentiment, and provided that the volume could remained above the 40 days VMA level, the bullish sentiment is likely to sustain. (Study B)

MACD Histogram continued ended slightly lower, and therefore, the rounding top signal remained intact, suggested a technical correction stage for the 2nd board index. The technical correction is expected to continue until the MACD histogram rose and formed a rounding bottom. (Study C)

Find this analysis useful? Why not share it with others? Click Here to send this to a friend

Straits Index (M) Sdn Bhd
No. 16, Jalan LP 1A / 5, Lestari Perdana,
43300 Seri Kembangan, Selangor
Hotline: (03) 8941 6828  (5 lines)   Fax: (03) 8941 9828    
Email: info@straitsindex.com
© Copyright 1997-2007 Straits Index (M) Sdn Bhd All rights reserved