Composite Index closed lower, losing 2.16 points to 896.19 points. As shown in the chart above, KLCI might be forming a descending wedge, (Study T3). However, if KLCI fails to support above the T3 line, the next support would likely be the T2, which would be a down trend channel support for KLCI. Nonetheless, 895 Fibonacci is the current support level for KLCI. (Study A)

In additional, 10 days Bollinger band width opened another 21%, allocating more downside risk for KLCI.. If the Bollinger band width continue to expand, more downside movement for KLCI is expected.

As shown in the B circle, WinChart RSI remains below the 30% level. If we see the WinChart RSI continue staying below the 30% level, mid-term sentiment for KLCI would likely be bearish bias. (Study B)

As pointed in the C circle, both %K and %D lines of the Stochastic are now situated below the 30% level. This is the short-term bearish zone, and provided we see these lines staying below the 30% level, sentiment for the short-term will likely be bearish. (Study C)

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