TECHNICAL ANALYSIS >>> Composite Index 05/12/01/2010 / 综合指数 2010年 01月 05日

Composite Index 05/01/2010
As lead by the over-night gain from the US market, the KLCI rose to its daily high of 1290.55 points on Tuesday, but closed at 1288.24 points, upped 12.49 points. As indicated by A, the KLCI is still resisted by the 1288 Fibonacci Retracement, while the support is still at 1257 Fibonacci Retracement.

As shown on the chart above, the Bollinger Bands expanded 37%, while the KLCI is still staying above the Bollinger Middle Band, therefore, the Bollinger Bands is now suggesting a bullish signal for the KLCI. If the Bollinger Bands should continue to expand, with the KLCI above the Bollinger Middle Band, more upside room is likely for the KLCI, and the next resistance for the KLCI is seen at 1300 psychological level.

As indicated by B, total market volume increased 64.9%, with volume clearly above the 40-day VMA level. This shows that the market participation is quite active as investors are taking part. In other words, the inflow of fresh capital has increased thus it helps to sustain the KLCI rally.

As circled at C, the Stochastic is still staying above 70% level, which is the short term bullish signal. Therefore, provided that the Stochastic should remain above 70% level, the short term movement of the KLCI is expected to be bullish biased.

In conclusion, the KLCI is set to rally with the current conditions. Provided that the Bollinger Bands is still expanding, and the KLCI stays above the Bollinger Middle Band, and also volume staying above the 40-day VMA level.

综合指数 2010年 01月 05日
富时综合指数在道指上扬的带领下走高，综指全日一度上扬至1290.55点，随后综指在套利下稍微回软，综指按日上扬12.49点，以1288.24点闭市。如图中箭头A所示，综指精确的在1288点的费氏线遇阻，这是综指当前的阻力水平，综指的支持水平则落在1257点的费氏线。

如图所示，布林频带（Bollinger Bands）明显的打开37%，而综指又能维持在布林中频带（Bollinger Middle Band）以上，所以综指开始上扬，并且上探1288点的阻力水平，接下来只要布林频带继续的打开，那综指将有望突破1288点的阻力而上探1300点的心理阻力水平。

如图中箭头B所示，马股成交量暴升64.9%，所以市场的成交量远远的高于40天成交量移动平均线（VMA），这显示投资者回笼，市场在增加交投量下，承接力量也同时的增加了，这对综指后市继续转强将有正面的作用。

如图中箭头C所示，随机指标（Stochastic）仍然维持在70%以上，所以综指的短期走势亦维持在一个上扬的格局，直到随机指标跌破70%为止。

总的来说，综指酝酿已久的涨势终于出现了，以技术而言，只要布林频带继续的打开，而综指又能维持在布林中频带以上，再加上成交量成功守住40天平均值以上的情形下，综指将有望继续的上扬，直到布林频带打开的幅度减低或收窄为止。