Composite Index ended lower with a lost of 1.47 points, closing at 918.38 points. Since KLCI has breached below the L1 and the 50 days EMA dynamic supports, therefore, now the L1 line and the 50 days EMA are both serving as the resistances for KLCI. By using the WinChart Automatic Fibonacci Retracement, we could see that the KLCI is supporting at 917.57, and further support can be found at 906 points. (Study A)

As indicated in B, total market volume for the day stood at 3.77 million lots, while still below the 40 days VMA level. In order for KLCI to turn stronger, we should have the total volume higher than the 40 days VMA level, otherwise, a strong reversal for KLCI is quite unlikely. (Study B)

As shown in C, WinChart RSI remains weak below the 30% level, which is also the mid-term bearish zone thus market sentiment for the mid-term is expected to be weak.

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