TECHNICAL ANALYSIS >>> Composite Index 30/12/2009 / 综合指数 2009年 12月 30日

Composite Index 30/12/2009
The FBM KLCI corrected slightly on Wednesday, losing 4.10 points to close at 1271.12 points. As indicated by A, the support for the KLCI remains at 1257 Fibonacci Retracement while the resistance is still at 1288 Fibonacci Retracement.

As shown on the chart above, the Bollinger Bands contracted 2%, suggesting that the KLCI might be consolidating again. Nonetheless, the immediate outlook for the KLCI is still on the positive side as the KLCI is still supported by the Bollinger Middle Band, which is serving as the dynamic support.

As indicated by B, total market volume increased 1.8%, with volume getting closer to the 40-day VMA level. Overall, the market participation has improved gradually, and generally, the improvement of market volume is a good sign as the inflow of fresh capital increases.

As circled at C, the Stochastic retreated after touching 100%, which was an over-heated signal. However, provided that the Stochastic could maintain its position above the 70% level, the short term bullish signal shall remains intact.

In conclusion, after rising for 5 days, the KLCI has its mild correction on Wednesday. Technically speaking, with the KLCI supported by the Bollinger Middle Band, the immediate view of the KLCI is still on the brighter side.

综合指数 2009年 12月 30日
富时综合指数稍微调整，按日下滑4.10点，以1271.12点闭市（参考箭头A）。如图所示，综指当前的支持水平仍然维持在1257点的费氏线，阻力水平则是1288点的费氏线。

如图所示，布林频带收窄2%，这使到综指再度进入调整巩固的格局，无论如何目前布林中频带（Bollinger Middle Band）成为了综指当前的动态支持线，所以只要综指能继续在布林中频带上获得扶持的话，那综指将有望继续转强，上探1288点的阻力。

如图中箭头B所示，马股成交量增加1.8%，开始接近40天成交量平均值（VMA）的水平，这表示整体市场的交投开始活跃起来，若成交量能上扬达40天平均值的话，那将意味着投资者开始回笼，这对综指后市将有正面的影响。

如图中C圈所示，随机指标（Stochastic）在上扬达到100%后回软，这是因为随机指标达100%是综指短期走势过热的讯号，所以综指出现了短期的调整。一般上，只要随机指标能维持在70%以上，那综指整体的短期走势还是属于偏向上扬的。

总的来说，综指在上扬了5天后，由于触发了短期过热的技术讯号，所以综指周三出现调整，亦以技术而言，只要综指继续获得布林中频带的支持，那综指将继续的转强，直到综指跌破布林中频带为止。