On Wednesday, the KLCI continued to consolidate after the pull-back effect started yesterday. At the close, the KLCI gained 1.19 points to 927.75 points. As pointed by the arrow A, the KLCI is temporary supported by the 926.73 WinChart Automatic Fibonacci Retracement. (Study A) Mean while14, 21, 31 EMA are still pointing downward and serving as dynamic resistance. Outlook of the KLCI would remained bearish provided the KLCI remained below the falling EMA. (Study A1)

Total market volume on Wednesday continued to stay below the 40 days VMA, suggested the market participation was lackluster. Therefore, any strong upward movement for the KLCI is unlikely without an increase of volume, which signaled more fresh inflow of capital. (Study B)

Despite the temporary rebound, Stochastic remained below the 30% level in the short-term bearish region. At the moment, Stochastic suggested the market sentiment for the short-term is still on the bearish bias. (Study C)

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