As shown on the chart above, the KLCI remained resisted by the 1080 resistance level, ended the day 2.67 points lower to 1077.44 points. (Study A) Mean while, the 14, 21, 31 EMA continued rising while serving as the dynamic support to the KLCI. Currently, the KLCI is at a consolidation phase, and provided that the KLCI could rebound above the rising dynamic support, the outlook for the KLCI would remained positive. Other supports are still seen at 1038, 1022, and the 1000 points.

Total market volume on Monday declined 8.4% with 14.65 million shares. As pointed by B, volume was able to stay above the 40 days VMA level, suggested that the market was still actively participated. Nonetheless, if the KLCI were to rebound and continue its uptrend, a growth of volume would be needed to confirm the rally. (Study B)

As circled by C, Stochastic remained situated above the 70% level, short-term bullish region. Therefore, the market movement for the short-term is still bullish bias, and this short-term bullishness is expected to continue until the Stochastic fell below 70%. (Study C)

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