Technical Analysis : FBMKLCI 20/03/2012 富时大马综合指数 2012-03-20

FBM KLCI 20 Mar 2012

On Tuesday, the KLCI continues its sideways consolidation, gaining 4.02 points or 0.26% to close at 1577.62 points. As indicated by A, the KLCI is still supported by the 14, 21, 31 EMA dynamic support and the uptrend is still intact. Resistance stays at 1597.08 or the 1600 level.

As indicated by B, total market volume increased 18.53%, with volume breaking above the 40-day Volume MovingAverage.  

Technically, this suggests that the market participation is not at a 'sufficient' level. However, the most of the actively participated counters are still low-priced stocks or their warrants, and coupled with higher numbers of losers over gainers (431 to 314), the increased of volume might not be able to reflect the improvement of investors confidence.

As indicated by C, the Stochastic is still rising, after breaking above 30%. Technically, if the Stochastic should break above 70%, it would be entering the short-term bullish territory, thus suggesting a short-term positive signal for the KLCI.

In conclusion, the uptrend for the KLCI remains intact, while the KLCI consolidation continues. If the KLCI could form higher-lows after being supported by the 14, 21, 31 EMA, the uptrend is likely to extend further. Of course, this bullish signal must be accompanied by strong volume.

富时大马综合指数  2012-03-20

富时大马综合指数周二继续维持在横摆的盘整格局中，按日上扬4.02点或0.26%，以1577.62点挂收。如图中箭头A所示，综指还是获得14、21、31天EMA动态支持线的扶持，同时涨势亦未受到破坏。综指阻力保持在1597.08点及1600点的整数水平。

如图中箭头B所示，马股总成交量周二增加18.53%，并上扬突破了40天的成交量平均线（VMA）的水平。这表示马股整体上的交投以达到“足够”的水平。不过美中不足的是，马股周二下跌股项高于上升股项（431只跌、314只涨）而同时活跃交易的股项仍然多数是低价股及凭单，因此周二成交量的增加仍然未能正真的反映出投资者对马股信心回笼的讯号。

如图中箭头C所示，随机指标（Stochastic）自上扬突破30%水平后继续上扬，不过却还未能突破70%的水平。若随机指标能突破70%水平，那便进入短期强势区域，那表示综指短期走势有望转强的讯号。

总的来说，综指涨势还是完整，只不过维持在横摆的盘整格局中。以技术而言，若综指能继续获得14、21、31天EMA动态支持线的扶持而形成较高底的话，那综指涨势有望延续下去，不过这必须要获得成交量明显增加的配合，那讯号才会更可靠。 

祝你好运