Sunday, July 30, 2006

31 July 06 : Technical readings

Technical readings
Elliott Wave
Daily chart: By using a short-term Elliott Wave count, the KLCI continues to unfold the various degrees of the impulsive A-B-C waves of its major corrective wave (B). The KLCI closed at 924.72 points last Friday.
Weekly chart: The KLCI's weekly wave counts were in line with those of its daily wave counts.
Monthly chart: A breach above 1,018 will change the bearish scenario. The KLCI momentarily breached this resistance level when it hit its intra-day high of 1,021.2 on Feb 18, but has since failed to close above 1,018.

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

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

Moving Average Convergence/Divergence (MACD)
The weekly and monthly fast MACDs continued to stay below their respective slow MACDs. Its daily fast MACD stayed above its daily slow MACD.

Expert Trend Index (ETI)
The readings are "neutral" for the short and long terms, and "bullish" for the medium term.

Profit Taking Index (PTI)
Using the original Elliott wave count, PTI displays high readings of 79 and 64 on its daily and weekly charts respectively. PTI of 7 on the monthly chart indicates that a re-test of its previous high of 1,021 is more remote than before.

Displaced Moving Averages (DMA)
The KLCI stayed above its monthly and daily DMA levels of 903 and 914 respectively. It stayed below its weekly DMA level of 930.

There were positive divergences on its daily MACD, Stochastics and Relative Strength Index to the KLCI's daily chart.

Make Or Break (MOB)
The revised weekly MOB resistance is higher at 965-975.

The immediate downside support is now 890-900.

Its immediate overhead resistance is now 965-975.

Info from : Theedgedaily


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