Saturday, June 14, 2008

KLCI Update

KLCI closed at 1229.35 on Friday. For the week, the index is down 19.22 points about 1.5%.

The index has rebounded from the lower Bollinger Band. The index managed to form a pivot point on 12 Jun 08. MACD is also creeping up but it is still below its signal line. The –DI is still above the +DI and ADX is now above 20 level which means that a down trend is developing.

The only positive sign is RSI is increasing and has cut above the 30 level. There should be a rebound early next week since Dow Jones was up 165 points on Friday.

However, the index is still looking fragile. If it breaks below 1214.37, the next support is at 1157.47 which is the low set in March 08.

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