富时大马综合指数周五早盘一度下调，惟随后获得蓝筹股项上扬及区域股市上扬的带动下，再次创下新高，按日上扬12.02点。如图中A圈所示，综指继续处于20天的布林上频带（20-day Bollinger Upper Band）以上，这表示综指目前还是处于过热的状况，所以近期内依然有拉回效应（Pullback Effect）的技术调整。
综指虽然创下新高，却未能获得成交量增加的确认，所以综指目前的阻力水平依然是1120点的胜图自动费氏线，支持水平则继续是1096点及10天的布林中频带。
如图中箭头B所示，马股总成交量周五不增反而减少43.6%，这使到成交量失守40天成交量平均线（VMA），表示市场的交投属于淡静。这是投资者保持谨慎，继续场外观望，等待进一步的指引所致。无论如何，接下来若综指出现技术调整时，成交量偏低一般是很正常的。
如图中C圈所示，随机指标（Stochastic）几乎到达100%水平，这表示综指短期已经处于过热的现象，所以近期内有技术调整。接下来若随机指标依然保持在70%水平以上，综指短期依然处于强势中；若随机指标跌破70%水平，综指短期的后市将开始转弱。
从技术分析的角度来看，每当综指创新高，必须配合成交量的增加以确认强势，否则将显得综指短期上扬有后继无力的迹象。综指周五虽创新高，但成交量却差强人意，所以未能完全确认综指走高，无论如何10天布林频带继续打开（+36%），所以综指短期涨势有望维持，直到布林频带开始收窄为止。总的来说，综指虽然已经呈短期上扬的格局，惟近期内有技术调整的迹象令投资者却步。
综指虽然创下新高，却未能获得成交量增加的确认，所以综指目前的阻力水平依然是1120点的胜图自动费氏线，支持水平则继续是1096点及10天的布林中频带。
如图中箭头B所示，马股总成交量周五不增反而减少43.6%，这使到成交量失守40天成交量平均线（VMA），表示市场的交投属于淡静。这是投资者保持谨慎，继续场外观望，等待进一步的指引所致。无论如何，接下来若综指出现技术调整时，成交量偏低一般是很正常的。
如图中C圈所示，随机指标（Stochastic）几乎到达100%水平，这表示综指短期已经处于过热的现象，所以近期内有技术调整。接下来若随机指标依然保持在70%水平以上，综指短期依然处于强势中；若随机指标跌破70%水平，综指短期的后市将开始转弱。从技术分析的角度来看，每当综指创新高，必须配合成交量的增加以确认强势，否则将显得综指短期上扬有后继无力的迹象。综指周五虽创新高，但成交量却差强人意，所以未能完全确认综指走高，无论如何10天布林频带继续打开（+36%），所以综指短期涨势有望维持，直到布林频带开始收窄为止。总的来说，综指虽然已经呈短期上扬的格局，惟近期内有技术调整的迹象令投资者却步。
Composite Index 17/07/2009
The KLCI had its technical correction on Friday morning, but it managed to regain its losses, lead by some blue chips counters as well as the positive regional market performance, the KLCI closed 12.02 points higher, making yet another new high. As circled by A, the KLCI is still above the 20-day Bollinger upper band, suggesting the KLCI is still over-bought, and therefore, the risk of a pullback effect remains.
Despite the KLCI making new high, total market volume, on the other hand, failed to increased. Therefore, the resistance for the KLCI shall remain at 1120 WinChart Automatic Fibonacci Retracement while the supports are seen at 1096 points and the 10-day Bollinger Middle Band.
As indicated by B, total market volume declined 43.6%, with volume below the 40-day VMA level, suggesting the market was lightly participated. This is partly due to investors are being cautious while waiting for more fresh leads amid the KLCI being over-bought. Nevertheless, if the KLCI should technically correct, a lower volume is usually normal.
As circled at C, the Stochastic nearly touched 100%, suggesting the KLCI short term movement is over-bought, and a chance of a technical correction in the near future. If the Stochastic should fall and break below 70% level, it would be a first signal suggesting the KLCI short term movement is weakening.
From technical analysis point of view, whenever the KLCI is making new high, the increased of volume is the most important confirmation, or else, the KLCI short term bullish movement might seem like losing its strength. Despite the KLCI new high, total market volume failed to confirm the new high.
Nevertheless, the 10-day Bollinger Bands Width is still expanding (+36%), suggesting the short term movement of the KLCI is still bullish biased. However, the risk of a pullback remains.
Despite the KLCI making new high, total market volume, on the other hand, failed to increased. Therefore, the resistance for the KLCI shall remain at 1120 WinChart Automatic Fibonacci Retracement while the supports are seen at 1096 points and the 10-day Bollinger Middle Band.
As indicated by B, total market volume declined 43.6%, with volume below the 40-day VMA level, suggesting the market was lightly participated. This is partly due to investors are being cautious while waiting for more fresh leads amid the KLCI being over-bought. Nevertheless, if the KLCI should technically correct, a lower volume is usually normal.
As circled at C, the Stochastic nearly touched 100%, suggesting the KLCI short term movement is over-bought, and a chance of a technical correction in the near future. If the Stochastic should fall and break below 70% level, it would be a first signal suggesting the KLCI short term movement is weakening.From technical analysis point of view, whenever the KLCI is making new high, the increased of volume is the most important confirmation, or else, the KLCI short term bullish movement might seem like losing its strength. Despite the KLCI new high, total market volume failed to confirm the new high.
Nevertheless, the 10-day Bollinger Bands Width is still expanding (+36%), suggesting the short term movement of the KLCI is still bullish biased. However, the risk of a pullback remains.
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