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On Tuesday, the Composite Index corrected 5.55 points to 923.84 points. KLCI had an intra-day low at 920.12 where it was support by the 920 WinChart Automatic Fibonacci retracement line and rebounded just before the closing. Therefore, immediate resistance for the KLCI remains at the 930 resistance, while support for the KLCI is now at 920 Fibonacci level as well as the 914 level. (Study A)

Due to the correction of the KLCI, total market volume decreased 7.4%. However, the volume for the day remained higher above the 40 days VMA level suggesting that the overall market was indeed well-participated. Provided we see the volume above the 40 days VMA level, market outlook would still be on the positive bias. (Study B)

In line with the technical correction, %K of the Stochastic has returned to the bullish region with the %D line merely at the 90% level. Despite the technical correction, the Stochastic reading suggests that market sentiment for the short-term remains bullish bias. (Study C)

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