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Thursday, November 1, 2012

Technical Analysis : FBMKLCI 2012-11-01 / 富时大马综合指数 2012-11-01

FBM KLCI 1st Nov 2012
On Thursday, the KLCI had its early gain, but as it was approaching 1680, it attracted profit takings, which pulled the index lower, wiping out its early gains, and the KLCI was trading at red. However, at the trading-at-last session, price of CIMB jumped 5 bids, which lifted the KLCI back to its positive territory, closing at 1675.69 points, with a gain of 2.62 points. As indicated by A, the KLCI is still above its 1668 support as well as the 14, 21, 31 EMA dynamic support, while the temporary resistance is still at 1680 level.
As indicated by B, total market volume increased 5.97%, suggesting that the market was indeed active. Actually, if the KLCI was not lifted by heavy weighted blue chips, the increased of volume would be showing a little divergence signal. Nevertheless, overall selling pressure was a little stronger than buying interests.
As indicated by C, the Stochastic stays above 70%, in its short-term bullish territory, thus suggesting that the short-term movement of the KLCI is still positive.
In conclusion, with the KLCI above 1668, we can't see any weakening signals for now. The only concern would be the slightly higher selling pressure, but on pure technical reading, the technical outlook of the KLCI remains positive.
富时大马综合指数 2012-11-01

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