Wednesday, May 14, 2008

KLSE Update

The KLSE index closed at 1286.54 yesterday. The 20 day moving average is showing a positive gradient and is rising since the beginning of Apr. This is a bullish sign.

The Bollinger is showing a slightly upward channel and the index looks to be moving towards the upper part of the Bollinger bands. If the index can break out of 1305 level, the uptrend will resume and the most likely target will be the Fibonacci Projection level of 1359.

The RSI has retraced back to the 50 level so that market is currently not in overbought situation.

The ADX is turning up and the +DI is greater than –DI. This implies that uptrend will most likely continue.

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