Kuala Lumpur Composite Index 26 October 2007

KUALA LUMPUR (Thomson Financial) - Malaysian shares closed sharply higher Friday, with the benchmark index hitting a fresh record as investors became increasingly convinced the Federal Reserve will lower interest rates next week.

The Kuala Lumpur Composite Index (KLCI) closed up 20.08 points or 1.5 percent at 1,398.35. For the week, the KLCI was up 28.18 points or 2.5 percent. Advancers beat decliners 663 to 222, with 255 stocks unchanged and 184 counters untraded. Volume traded was heavy at 1.91 billion shares valued at 2.17 billion ringgit.

KLCI Weekly Chart

On the last Friday, Kuala Lumpur Composite Index (KLCI) already penetrated the all time high 1392 (previous) at 1398 points. It looks like the KLCI going to be higher after break the previous resistant with heavy volume. From the chart showed that the first projected price using fibonacci level extention is at 1442 points. Technical indicator 14-weeks RSI also pointing up and still not in overbought area which I assume next week we will see some new high will be made.

Trading on your own risk. Happy learning and happy trading!