Sunday, July 30, 2006

31 July 06 :Technical readings mesdaq board index

Elliott Wave
Daily chart: The MMI's recent impulsive wave was terminated in tandem with that of the KLCI. It closed at 116.83 points last Friday.
Weekly chart: The MMI has yet to complete the retracement of its corrective A-B-C waves of its major corrective wave (B).
Monthly chart: Its wave retracement had completed the first leg of its intermediate-term correction. It is currently unfolding the second leg of its wave correction.

Elliott Oscillator
The Elliott Trigger stayed below its zero region while its Elliott Oscillator continued to stay above its zero region.

Other Indicators
The daily, weekly and monthly stochastics stayed in their respective neutral levels.

The monthly fast MACD continued to stay above its monthly slow MACD while its daily and weekly fast MACDs stayed below their respective slow MACDs.

"Bullish" readings continued to register for the medium and long terms. Its short-term reading is "bullish" for now.

Using the original Elliott wave count, PTI had rebounded to 73 on its daily chart while it dropped to 19 on its weekly chart.

The MMI stayed above its weekly and monthly DMA levels of 111 and 103 respectively. Its daily DMA stayed at 119.

There were significant negative divergences on its daily MACD and Relative Strength Index to the MMI on its daily chart.

The MOB support is now at 105-115.
The next resistance is raised to 125.

Its immediate downside support is at 100-100.

A breach above 125 will further boost the Mesdaq undertone.

Market review
Share prices on Bursa Malaysia consolidated early last week before staging strong technical rebounds on the last two trading days.
Second and third liners succumbed to persistent selling pressure. Heavyweight index-linked counters provided the impetus for the KLCI to stay above its support of 920.
The KLCI posted a week-on week gain of 11.09 points to 924.72, the MMI lost 2.5 points to 116.83 while the SBI eased 0.63 point to 90.29.

Market outlook
The KLCI continued to slip on geopolitical tensions in the Middle East, reaching its intra-week low of 902.7 last Monday.
Heavyweight index-linked counters provided the impetus for the KLCI to climb back above its support of 920 on the last four trading days.
The MMI, SBI and KLCI's daily fast MACDs continued to stay below their respective daily slow MACDs last week.
This week, the KLCI is likely to remain unchanged while the lower liners will continue to trend in their respective consolidations. The overhead resistance hovers at 925-935 while its downside support is at 910-920.


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