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Wednesday, December 31, 2008

Composite Index 30/12/2008 / 综合指数 2008年 12月 30日

Composite Index Daily Technical Analysis 30/12/2008 By Zhuge Liang

As indicated by A, the KLCI rebounded precisely above the Bollinger Middle Band on Tuesday, closing 1.6% higher. As a result, the Bollinger Bands Width also begins to expand, suggesting some bullish biased signal for the KLCI. However, the KLCI is still capped by the 887 Automatic Fibonacci Retracement resistance, and the next resistance would be at the 900 level.

As shown on the chart above, the Bollinger Middle Band continues to serve as the dynamic support for the KLCI, and as long as the KLCI is still supported by the rising Bollinger Middle Band, the immediate outlook for the KLCI is still on the positive side. As the KLCI steered away from the T1 and T2 downtrend channel, it is likely to break away from the downtrend.

As indicated by B, total market volume on Tuesday increased 44.4%, but still further below the 40-day VMA level. This shows that the overall market participation is still relative insufficient, as most investors are still on the sidelines. In short, volume must increase to confirm the KLCI bullish movement.

As circled at C, the Stochastic breaks above the 70% level again on Tuesday, entering the short term bullish region.. If the Stochastic should remain above 70% level, the market movement for the short term is likely to be bullish biased.

The Bollinger Bands Width expanded 10% on Tuesday, with the KLCI above the Bollinger Middle Band, therefore, suggesting a bullish biased signal for the KLCI.
As long as the Bollinger Bands Width is still expanding, the bullish movement of the KLCI is expected to continue.

综合指数 2008年 12月 30日
如图中箭头A所示,综合指数精确的在布林中频带(Bollinger Middle Band)获得扶持再加上布林频带(Bollinger Band)开始打开,所以综指开始回弹,上扬1.6%。无论如何887点的胜图自动费氏线仍然是综指的阻力水平,综指必须先上扬突破此阻力,综指才有望上探900点的关口。





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