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Thursday, September 25, 2008

Composite Index Daily Technical Analysis 24/09/2008


Composite Index Daily Technical Analysis 24/09/2008 BY Zhuge Liang


As indicated by A, the KLCI traded in a narrow range on Wednesday and formed a small candlestick, suggesting the KLCI is still consolidating. Currently, the KLCI is still resisted by the 23.6% Fibonacci Retracement line at 1034 points, and the support is at 963 Fibonacci Retracement.

As shown on the chart, despite the KLCI only rose 2.22 points, it is still above the Bollinger Middle Band. If the KLCI should stay above the Bollinger Middle Band, the immediate outlook is still on the positive side, and when the Bollinger Bands Width re-expands, the movement for the KLCI is likely to be on the higher side.

Currently, the Bollinger Bands Width is still contracting, suggesting the KLCI is still consolidating, or it is preparing for a new movement, and the new movement shall be revealed as the Bollinger Bands Width re-expands.

As indicated by B, total market volume increased 33.9%, and as a result, total market volume returns to above the 40-day VMA level; this suggests that the overall market is relatively active, thus a crucial criteria if the KLCI should attempt to rally again.

As circled at C, the MACD histogram is still above the zero level, suggesting an improvement of the KLCI movement. Nevertheless, the improvement is likely to continue until the MACD histogram should form a rounding top

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