Even though the KLCI is still consolidating, the total market volume is actually falling, while staying below the 40-day VMA level. This suggests that the market continuity is weak, as investors are staying on the sidelines, implying that their confidence is still low. Therefore, trading for individual counters would be twice as hard, for chances of an uptrend forming is lower, or many would be breaking below their support level. Let's study a few case study.
Time-4456: Testing important support.


Chart 1: Time-4456 (22/10/2009?28/04/2010)
As shown on chart 1, price of Time tested the RM0.39 ~ RM0.40 support level many times, which lasted for about 5 months. Therefore, investors of Time has naturally built up a memory around this level.
Despite many rebound from the RM0.39~ RM0.40 level, price of Time failed to form an uptrend due to insufficient market participation, and instead, its upside volatility is gradually reducing. As indicated by A, now it is testing the RM0.39~RM0.40 support, and if price should break below this level, it would mark a 6 months new low, and then the RM0.39~RM0.40 level shall reverse its role as a resistance, for those who had hold their shares above RM0.39 would be losing money, thus their memory of the RM0.39 will become a break-even level.
Nevertheless, it is still too early to say that for price of Time has not broken below this level. But it is never too early to be mentally prepared for the worst. If price should remain supported by the RM0.39~RM0.40, it would prolong its consolidation, but without strong volume, it is less likely that price of Time would form an uptrend. Next support for Time, if price should break below RM0.39, is seen at RM0.335 level, study Chart 1A.

Chart 1A: Time-4456 (17/02/2009?28/04/2010)

4 Q Rolling PER	21.47 times	Dividend Yield	0.00%
Dividend		Dividend Yield	Net Profit Ratio
31/12/2009	0 sen	0%	11.96%
31/12/2008	0 sen	0%	-24.48%
31/12/2007	0 sen	0%	6.40%
31/12/2006	0 sen	0%	-8.21%
31/12/2005	0 sen	0%	-152.95%

Table 1: Time-4456 yearly dividend, dividend yield, and net profit ratio.
Faber-1368: Breaking below the 14, 21, 31 EMA, a weakening sign.


Chart 2: Faber-1368 (31/12/2009?28/04/2010)
As indicated by A, price of Faber breaks below 14, 21, 31 EMA, this is the first time the price closed below the 14, 21, 31 EMA since the 2nd time uptrend, suggesting that the current uptrend is taking a pause. Unless price could resume to above the 14, 21, 31 EMA with strong volume, the immediate technical outlook shall stay bearish biased.
Since price of Faber is now below the 14, 21, 31 EMA, the 14, 21, 31 EMA is now serving as the dynamic resistance and the next support is at RM2.00 psychological level. Technically, when price should break below the 14, 21, 31 EMA after riding in an uptrend for some time, it is a signal to take profit. If one should find it hard to decide, a partial profit taking (selling 1/3 of a position) is usually a good choice to reduce trading risk.

4 Q Rolling PER	10.14 times	Dividend Yield	2.60%
Dividend		Dividend Yield	Net Profit Ratio
31/12/2009	6 sen	3.61%	10.27%
31/12/2009	4 sen	5.97%	23.29%
31/12/2009	0 sen	0%	7.76%
31/12/2009	0 sen	0%	5.96%
31/12/2009	0 sen	0%	5.98%

Table 2: Faber-1368, yearly dividend, dividend yield, and net profit ratio.
MRCB-1651]: Breaking below dynamic support.

Chart 3:MRCB-1651 (31/12/2009?28/04/2010)
As indicated by A, price of MRCB fell below the 14, 21, 31 EMA for the first time after moving in uptrend since March. Meanwhile, it has also form an T1 short term downtrend line, suggesting that the immediate technical outlook is on the negative side, with lower volume.
Despite having a sign of a technical rebound, price of MRCB remains below the 14, 21, 31 EMA, thus the rebound is only a technical rebound, not a reversal. To break away from the short term bearish movement, price has to break above the T1 line and return to above the 14, 21, 31 EMA, with strong volume. Nonetheless, next support for MRCB is seen at RM1.45 level.

4 Q Rolling PER	40.58 times	Dividend Yield	0.56%
Dividend		Dividend Yield	Net Profit Ratio
31/12/2009	1 sen	0.73%	3.76%
31/12/2008	0sen	0%	-7.18%
31/12/2007	0sen	0%	4.51%
31/12/2006	0sen	0%	6.20%
31/12/2005	0sen	0%	4.25%

Table 3: MRCB-1651, yearly dividend, dividend yield, and net profit ratio.
Conclusion:
When the overall market volume is low, profit taking will push the price lower, thus the uptrend is generally harder to sustain. This is even truer for an individual counter which is moving in downtrend. Therefore, unless the overall market participation improves, picking stocks will not be an easy job for now.





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