TECHNICAL ANALYSIS >>> Composite Index 13/01/2010 / 综合指数 2010年 01月 13日

综合指数 2010年 01月 13日
如图中箭头A所示，富时综合指数继续调整，惟综指精确的在布林中频带（Bollinger Middle Band）获得扶持而回弹，这印证了布林中频带是综指调整第一目标的法则，这亦表示布林中频带继续的成为综指的动态支持线。综指当前的支持水平除了是布林中频带这道动态支持线之外，支持水平也落在1288点及1276点的费氏线，阻力水平则是1300点的心理阻力关口。

如图所示，布林频带（Bollinger Bands）收窄6%，这显示综指目前依然处于调整巩固的格局内，无论如何，由于综指在布林中频带回弹，所以接下来若布林频带开始打开的话，那综指将有望恢复上扬的趋势。

如图中箭头B所示，马股成交量减少10.8%，不过成交量仍然成功的维持在40天成交量移动平均线（VMA）以上，这显示马股整体相当的活跃，一般上这是有助于综指转强的趋势保温，使到综指有望再度恢复涨势。

如图中箭头C所示，随机指标（Stochastic）则下跌至70%的水平，所以综指的短期走势亦来到一个关键性的水平，因为若随机指标跌破70%的话，那综指的短期上扬的趋势将宣告结束，综指将有出现短期走低的可能。

总的来说，综指的调整走势精确的在布林中频带获得扶持，这是综指当前的动态支持线，接下来若综指能继续的维持在布林中频带以上，那在布林频带再度打开时，综指将有望恢复上扬的走势，直到综指跌破布林中频带为止。

Composite Index 13/01/2010
As indicated by A, the FBM KLCI continued its correction on Wednesday, but supported by the Bollinger Middle Band. Therefore, the Bollinger Middle Band is still the dynamic support for the FBM while it is also the first target of the technical correction. Other than the Bollinger Middle Band, supports are also found at 1288 followed by 1276 Fibonacci Retracement; while the resistance remains at 1300 psychological level.

As shown on the chart, the Bollinger Bands contracted 6%, suggesting that the KLCI is still consolidating. Nevertheless, if the KLCI should rebound from the Bollinger Middle Band, there is still a good chance that the KLCI would resume its uptrend.

As indicated by B, total market volume declined 10%, but still firmly above the 40-day VMA level, suggesting that the overall market is still well-participated. Generally, with market being actively traded, the market sentiment is likely to remain positive, thus the KLCI rally would sustain.

As indicated by C, the Stochastic is now testing the 70% level. If the Stochastic should break below 70% level, it would be an end to the short term bullish signal, and the KLCI short term movement is expected to turn weak.

In conclusion, the KLCI correction is still supported by the Bollinger Middle Band, which is the dynamic support. If the KLCI should remain supported by the Bollinger Middle Band, and when the Bollinger Bands re-expands, the KLCI would resume its uptrend.