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Saturday, October 6, 2012

Technical Analysis : FBMKLCI 05-10-2012 / 富时大马综合指数 2012-10-05

FBM KLCI 05 Oct 2012
As indicated by A, the KLCI open gap up at 1665.17 points, and had its gains up to 6.85 points. However, soon profit taking pulled the KLCI lower, closing at 1660.23 point while losing 1.24 points. Meanwhile, the KLCI is touching 20-days Bollinger Upper Band, suggesting that the short-term movement is showing an over-bought condition, thus some pullback is likely.
As indicated by B, total market volume remains below the 40-day Volume Moving Average, and this shows that the market participation is still not active. Also, this implies that investors are still not feeling confident about the market.
As indicated by C, the Stochastic retreats a little after touching 100%. This suggests a short-term over-heating signal, caused by the continuous rising of the KLCI over the short-term period. Some technical correction is likely, but as long as the Stochastic could stay above 70%, it suggests that the short-term movement of the KLCI is still positive.
In conclusion, the KLCI has not really corrected since rebounding from 1600. Technically, in order to sustain a healthy uptrend, some consolidation or correction is required. Immediate resistance for the KLCI is at 1668 while the support is at the 14, 21, 31 EMA dynamic support.
富时大马综合指数 2012-10-05
如图中箭头A所示,富时大马综合指数周五跳空上扬以1665.17点开市。综指开市后一度上涨6.85,但随后因投资者套利而回软,按日下跌1.24点,以1660.23点挂收。另外,综指已经稍微突破了20天的布林上频带(20-day Bollinger Upper Band),这表示综指短期走势开始处于超买的现象(Over-Bought),因此在近期内有拉回效应的可能。

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