KLCI retested the 916.59 as well as the EMA resistance on Thursday. While it managed to break above these resistance during intra-day trading, the KLCI closed precisely at the 916.59 as well as the EMA resistance. Therefore, this break out is highly doubtful. As a result, 916.59 Fibonacci Retracement and the multiple EMA are still serving as the immediate resistance to the KLCI, while the support is at the T1 ascending line. (Study A)

Total market volume on Thursday was slightly over 800 million shares and the volume was higher above the 40 days VMA (Volume Moving Average). This suggested that the market participation was still relatively active, and again, if the total market volume could maintain its position above the 40 days VMA line, the market sentiment is likely to improve. (Study B)

As pointed by C, %K of the Stochastic was staying at the neutral region, while the %D line has managed to steer above the 30% bearish region. Based on the current reading, Stochastic suggested a neutral market sentiment for the short-term. (Study C)

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