TECHNICAL ANALYSIS >>> Composite Index 28/08/2009 / 综合指数 2009年 8月 28日

Composite Index 28/08/2009
As shown in the chart above, the Bollinger Bands contracted 11%; therefore, the KLCI end 2.63 pt lower to close at 1174.27 pt. Anyway, the KLCI is still supported by the Bollinger Middle Band and the 14, 21, 31 days Exponential Moving Average (EMA) (refer to A), hence, the KLCI has no sign of turning weak, while remains at its sideways consolidation.

Though the KLCI break above the Bollinger Middle Band, the Bollinger Bands is still narrowing; therefore, until the Bollinger Bands begins to expand, the KLCI is not able to start a new up trend. The KLCI support level falls at 1163 pt Fibonacci Retracement (FR), while the resistance remains at 1186 pt FR.

As indicated by B, volume traded upped 8.1%, but it is still lower than the 40 days Volume Moving Average (VMA), this suggests that the overall market remains quiet, and this is also a normal situation during a sideways KLCI.

The Stochastic is gradually moving higher (As circled by C), suggesting the KLCI is picking up some strength; however, this signal is insignificant when the Bollinger Bands is narrowed; this is because all Secondary Indicators are not meant to work alone, and it must be combined with the Primary Indicators like Chart Patterns, Bollinger Bands, EMA etc.

Basically, the KLCI has not changed much for the whole week, and it is still consolidating. Technically, when the Bollinger Bands is narrowing, it indicates that the KLCI is preparing for a new trend, but the new will only be confirmed when the Bollinger Bands begins to expand. Therefore, should the KLCI maintaining above the Bollinger Middle Band, there is a chance of the KLCI in forming an up trend.
综合指数 2009年 8月 28日
]如图所示，由于布林频带（Bollinger Bands）进一步收窄11%，所以富时综合指数下滑2.63点，以1174.27点闭市。无论如何，综指目前依然获得布林中频带（Bollinger Middle Band）以及14、21、31天加权移动平均线（EMA）的扶持（参考箭头A），所以综指并未转为跌势，综指目前只继续横摆巩固。

如图所示，虽然综指已经上扬突破了布林中频带，惟布林频带仍然收窄，所以综指还未确认上扬的趋势，直到布林频带开始打开为止。

综指当前的支持水平依然落在1163点的费氏线，阻力水平则是1186点的费氏线。 如图中箭头B所示，马股成交量上扬8.1%，不过还是处于40天成交量移动平均线（VMA）以下，所以综指还是未摆脱淡静的格局，这也是成交量在综指横摆巩固的一种普遍现象。

随机指标（Stochastic）继续缓缓上扬（参考C圈），这显示综指仍然有转强的迹象，只是在布林频带收窄的时候，此上扬的讯号并不显著，因为任何次要指标（Secondary Indicator）都必须配合只要指标（Primary Indicator）如图形、布林频带、

移动平均线等等，才能发出有效的讯号。 总的来说，综指的走势基本上都未有太大的变化，继续处于一个横摆巩固的格局。从布林频带的收窄的技术角度来看，综指目前正酝酿着一个新的走势，不过此新走势只在布林频带再度打开时才能确认，所以只要综指能一直维持在布林中频带以上，综指转强的几率将有望提高。