TECHNICAL ANALYSIS >> Composite Index 11/03/2010 / 综合指数 2010年03月11日

综合指数 2010年 03月 11日 如图中箭头A所示，富时综合指数精确的在L1上升趋势阻力线遇阻，这印证了综指在此阻力线面对阻力的看法，综指按日下滑6.79点或0.5%，以1321.43点闭市。综指当前的支持水平处于1300点至1308点，阻力水平则是1354点的费氏阻力线。

如图所示，布林频带（Bollinger Bands）收窄1%，这表示综指出现了技术调整，接下来若布林频带持续收窄，那综指将继续调整，而布林中频带（Bollinger Middle Band）则是综指的调整时的第一目标，这也将会成为综指的动态支持线。

如图中箭头B所示，马股成交量下降15.2%，这使到成交量再度远离40天成交量移动平均线（VMA），这表示整体市场的投资气氛未能完全恢复至健康的水平。一般上，成交量必须达到40天成交量平均值，那综指的转强走势在高承接力量下才有望持续下去。

如图中箭头C所示，随机指标（Stochastic）下滑，惟并未跌破70%的水平，这表示综指的短期走势虽然进行调整，不过并未能完全确认综指的短期涨势结束。以技术而言，接下来若随机指标跌破70%的话，那才是综指的短期涨势结束的讯号。

总的来说，综指在L1的趋势阻力线遇阻，这意味着投资者趁机在此阻力线进行套利，所以综指虽然一度突破L1，不过最终还是跌破L1的趋势线。另一方面，布林频带收窄亦显示了综指进行调整的意愿，通常综指将继续目前的趋势，直到布林频带停止收窄为止。

Composite Index 11/03/2010
As indicated by A, the FBM KLCI tested the L1 resistance line, and retreated on Thursday, losing 6.79 points or 0.5% to close at 1321.43 points. Support for the KLCI is found at 1300 to 1308 level while the resistance is at 1354 Fibonacci Retracement.

As shown on the chart above, the Bollinger Bands contracted 1%, implying that the KLCI might be having its technical correction. If the Bollinger Bands should contract further, the correction of the KLCI is expected to carry on, and the Bollinger Middle Band shall serve as the dynamic support, and it is also the first target of the technical correction.

As indicated by B, total market volume declined 15.2%, with volume below the 40-day VMA level. This suggests that the overall market participation is still insufficient, thus the KLCI is still lacking of the ideal uptrend condition.

As indicated by C, the Stochastic is still falling, but it has not broken below 70% level, therefore, the short term bullish signal remains intact. If the Stochastic should break below 70% level, it would be an end to the short term bullish signal.

In conclusion, the KLCI retreated after it tested the L1 line as investors took profit.Meanwhile, the Bollinger Bands might be contracting, suggesting that the KLCI would consolidate.