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Friday, July 3, 2009

TECHNICAL ANALYSIS >>> Composite Index 03/07/2009 / 综合指数 2009年 7月 03日

Composite Index Daily Technical Analysis 03/07/2009
As shown on the chart above, the KLCI failed to break above the L2 dynamic resistance of the Symmetrical Triangle, ended 6.02 points lower to close at 1072.69 points. Resistance for the KLCI remains at 1095.91 while the supports are still seen at the Bollinger Middle Band followed by te 1035 Fibonacci Retracement.
As indicated by A, the Bollinger Bands Width contracted 3%, as the KLCI ended lower after resisted by the L2 line. Therefore, the Bollinger Bands Width is now suggesting a consolidation signal for the KLCI, showing a similar signal in-line with the Symmetrical Triangle.
As indicated by B, total market volume increased 21%, but still below the 40-day VMA level. This suggests that the market is still lightly participated as investors confident is still low. In short, without sufficient volume, the KLCI is less likely to pick up its strength.
As circled at C, the Stochastic started falling, but still staying above 70%, if the Stochastic should break below 70%, it would be a first signal suggesting a weakening short term movement of the KLCI. Meanwhile, the MACD histogram is about to form a rounding top. If the MACD histogram should form a rounding top, it would be a signal suggesting a weaker short term movement for the KLCI.
Despite many attempts, the KLCI failed to break out above the L2 line, and therefore, the consolidation continues. However, the KLCI has not formed a downtrend, for it has not broken below the L1 line. Nevertheless, the KLCI is now moving towards the tip of the Symmetrical Triangle, and therefore, soon it will break away from the Triangle. If the KLCI should break below the L1 line, there is a risk of a downtrend formation. On the other hand, if the KLCI should break above the L2 line, it would be a bullish biased movement, and of course, the upside break out has to be confirmed by a strong volume.
综合指数 2009年 7月 03日
如图所示,综合指数依然在对称三角形的L2线遇阻,按日下跌6.02点或0.6%。这表示,综指目前依然处于盘整格局,阻力水平依然是1095.91点的胜图自动费氏线,支持水平则是布林中频带及1035点胜图自动费氏支持线。
如图中箭头A所示,由于综指在对称三角形L2线遇阻回软,所以布林频带未能持续打开,周五收窄3%,这表示综指未能转强,继续与对称三角形的盘整讯号一致。
如图中箭头B所示,马股总成交量增加21%,惟继续低于40天的成交量平均线(VMA),马股交投依然属于淡静,这表示投资依然保持在场外观望,对马股未能完全恢复信心,所以马股依然没有足够的成交量来扶持,无法走高。
如图中C圈所示,随机指标稍微下滑,但还未跌破70%的水平,接下来若随机指标跌破70%,那便是综指短期转弱的第一个讯号。另一方面,平均乖离的振荡指标(MACD Histogram)有形成圆顶(Rounding Top)的迹象,若平均乖离振荡指标形成圆顶便是综指短期转弱的讯号。
尽管综指多次试探对称三角形的L2动态阻力线,至今依然未能突破对称三角形的盘整格局,综指亦没有跌破对称三角形的L1动态支持线,所以还未形成跌势。无论如何,由综指已经接近对称三角形的尾端,所以在近期内将会摆脱对称三角形,届时若综指跌破L1线,那综指将有形成跌势的风险;相反的,若综指上扬突破L2线,那综指有望上扬,不过必须获得成交量明显增加的确认。

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