TECHNICAL ANALYSIS >>> Composite Index 20/01/2010 / 综合指数 2010年 01月 20日

Composite Index 20/01/2010
As indicated by A, the Bollinger Bands expanded 28%, with the KLCI above the Bollinger Middle Band; and together with the KLCI breaking above the 1300 level, the KLCI resumes its uptrend, gaining 6.27 points to close at 1306.62 points. Resistance for the KLCI is at 1354 Automatic Fibonacci Retracement while the immediate support for the KLCI is at 1300 level.

As shown on the chart above, the Bollinger Bands expanded clearly, suggesting that the consolidation of the KLCI is over, and if the Bollinger Bands should continue to expand, the KLCI uptrend is expected to carry on.

As indicated by B, total market volume increased another 5.6%, with volume firmly above the 40-day VMA level. Therefore, the market as a whole is still actively participated, thus the overall sentiment is still bullish.

As indicated by C, the MACD histogram started rising, suggesting that the KLCI is regaining its strength after its consolidation. If the MACD histogram should form a Rounding Bottom, the KLCI is likely to pick up its strength, all the way until the MACD histogram should form a Rounding Top.

In short, the KLCI started its new movement after consolidating, and technically, with the KLCI supported by the Bollinger Middle Band, the outlook is still bullish, until the Bollinger Bands should contract again.

综合指数 2010年 01月 20日
如图中箭头A所示，布林频带（Bollinger Bands）终于开始打开28%，而由于富时综合指数始终处于布林中频带（Bollinger Middle Bands）以上，再加上综指已经突破了1300点的心理阻力水平，所以综指继续上扬，以1306.62点闭市，按日上扬6.27点，综指当前的阻力水平仍然是1354点的费氏线，支持水平则落在1300点。

如图所示，布林频带开始明显的打开，这显示综指在完成了调整巩固后再度转强，一般上综指将有望继续走高，直到布林频带打开的幅度开始减低或收窄为止。

如图中箭头B所示，成交量进一步增加5.6%，所以成交量成功的守住40天成交量移动平均线（VMA）以上，这显示马股整体市场继续活跃，承接力量亦偏高，这都有助于综指继续转强。

如图中箭头C所示，平均乖离的振荡指标（MACD Histogram）开始上扬，这是振荡指标形成圆底（Rounding　Bottom）的先兆，若振荡指标形成圆底的话，那综指短期上扬的讯号将获得确认，而综指则有望继续上扬，直到振荡指标形成相对的圆顶（Rounding　Top）为止。

总的来说，布林频带打开使到综指开始了酝酿已久的走势，由于综指处于布林中频带以上，所以综指开始上扬，以技术而言，综指将有望继续上扬，直到布林频带打开的幅度减低或收窄为止。