On Friday, the 2nd board index continued its consolidation, ended the day 0.2 of a point higher to 102.62 points. As pointed by A, the 103.36 Fibonacci Retracement is still the immediate resistance to the 2nd board index, while the 14, 21, 31 EMA (as pointed by A1) is still the dynamic support to the 2nd board index.

Volume for the 2nd board market increased another 44.7%, and continued staying above the 40 days VMA level. This suggested the 2nd board market is actively participated thus chances for breaking above the 103.36 resistance would be higher. (Study B)

As circled by C, Stochastic remained in the short-term bullish region, and therefore, provided that the Stochastic could stay above 70% level, the short-term market movement for the 2nd board index after this consolidation is likely to be bullish bias. (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