KLCI ended higher on Thursday, gaining 6.46 points to close at 966.08 points. As shown on the chart above, after two days of technical correction, the KLCI managed to rebound strongly from the 14, 21, 31 EMA. This suggested that the 14, 21, 31 EMA will continue serving as the dynamic support.

Nevertheless, 970.49 points remained an important resistance for the KLCI for as long as the KLCI is still resisted by the 970 level, the upside movement for the KLCI is limited.

As pointed by B, total market volume on Thursday increased 7.4%, barely hitting the 40 days VMA level. However, volume for the day was relatively still low. Nonetheless, if the market volume could pick up, it would provide a great help for the KLCI in testing the 970 level again. (Study B)

Both Stochastic %K and %D broke above the 70% level on Thursday, which entered the short-term bullish region. This suggested that the market sentiment for the short-term is turning bullish and as long as the Stochastic could remained above the 70% level, the short-term bullishness shall continue. (Study C)

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