As shown on the chart above, the 2nd board ended higher on Friday while staying above the 100 point level successfully. As pointed by A, the 14, 21, 31 EMA shall continue serving as the dynamic support to the 2nd board index, and provided that the dynamic support is still intact, the upward movement of the 2nd board index is expected to continue. Nevertheless, the next resistance for the 2nd board index is seen at 103.36 Fibonacci Retracement.

Volume for the 2nd board market declined 29.4%, while still managed to stay above the 40 days VMA level. This suggested that the market participation for the 2nd board market is relatively still active. Provided that the market is well-participated, the upward momentum is likely to sustain. (Study B)

As indicated by C, MACD histogram is still showing an unclear signal. However, with the MACD line still rising while staying above the trigger line, the bullish MACD signal remained intact, until the MACD line crossed below the trigger line. (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