KLCI opened with an gap, and ended 16.13 points higher to close at 1278.22 points. As shown on the chart above, 1278.94 points was the highest level of the year 1997, and therefore, it shall be the immediate resistance to the KLCI.

Despite seeing the resistance at 1278.94 points, the KLCI remained supported by the rising dynamic support, which is the 14, 21, 31 EMA. Therefore, if the KLCI could remained above the rising dynamic support, the uptrend for the KLCI remained intact.

Total market volume for the day also increase and touched another all time new high with nearly 4.7 billion shares traded. Although the increase of the volume usually helps to sustain the bullish sentiment, similarly, the risk of a correction is also higher. (Study B)

Stochastic %D line remained above 90% level, suggested that the short-term movement for the KLCI is still over-heated, and therefore, a technical correction is needed. However, with the Stochastic still staying above 70% level, market movement for the short-term is likely to stay bullish bias. (Study C)

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