TECHNICAL ANALYSIS >> Composite Index 23/02/2010 / 综合指数 2010年 02月 23日

Composite Index 23/02/2010
As indicated by A, the KLCI tested the 1266.45 Fibonacci Retracement, but remained resisted. Therefore, the 1266.45 Fibonacci Retracement is still the resistance for the KLCI while the support is at 1256.52 Fibonacci Retracement.

As shown on the chart, the Bollinger Bands has not expanded, but the KLCI remains above the Bollinger Middle Band, while the Bollinger Middle Band is slightly tilting up, suggesting some improvement of the current movement.

As indicated by B, total market volume increased 10.7%, but still below the 40-day VMA level. This shows that the overall market participation is still relatively low, and this could be the reason why the KLCI failed to break above its resistance.

As indicated by C, the Stochastic retreated slightly, but still above the 70% level, thus the short term bullish signal remains intact. Provided that the Stochastic is still above 70% level, the short term technical outlook for the KLCI is still positive.

In short, the KLCI is gradually regaining some losing ground, but it is still too early to determine a reversal, for more conditions is needed. For the immediate term, if the Bollinger Bands should re-expands with the KLCI above the Bollinger Middle Band, it could be a positive start.

综合指数 2010年 02月 23日
如图中箭头A所示，富时综合指数一度上探1266.45点的费氏阻力线，惟综指精确的在1266.45点遇阻，所以此费氏线继续的成为综指的阻力水平，综指当前的支持水平则是1256.52点的费氏线。

如图所示，布林频带（Bollinger Bands）虽然并未明显的打开，不过布林频带已经开始缓缓的向上翘起来，这表示综指后市有进一步改善的迹象。由于综指已经处于布林中频带以上了，所以接下来若布林频带开始打开的话，那综指将有望更上一层楼。

如图中箭头B所示，马股总成交量稍微增加10.7%，所以成交量仍然低于40天成交量移动平均线（VMA）的水平，这表示马股整体市场仍然淡静，这使到综指回弹的趋势遇阻，通常成交量必须达40天的平均值，那综指上扬的趋势才能更有力。

如图中箭头C所示，随机指标（Stochastic）稍微下滑，不过随机指标依然保持在70%以上，这表示综指的短期走势目前依然保持在一个偏强的格局；以技术而言，接下来只要随机指标继续的处于70%以上，那综指的后市将看高一线。

总的来说，综指继续的从跌势中恢复过来，虽然综指能否完全摆脱跌势还是言之过早，但只要综指继续目前的步伐，综指是有望再度恢复涨势。短期内，只要布林频带开始明显的打开，而综指又能维持在布林中频带以上，那综指将有望更上一层楼。