KLCI rebounded 13.93 points on Thursday, closing at 1180.31. However, as pointed by A, the 14, 21, 31 EMA is still serving as the dynamic resistance to the KLCI. Therefore, if the KLCI remained below the dynamic resistance, the outlook for the KLCI shall remained bearish bias. Nevertheless, 1105.40 Fibonacci Retracement is still the support level for the KLCI.

Total market volume continued staying below 40 days VMA level, suggested that the market is still lightly participated. Therefore, the KLCI is likely to stay sideways or negative bias for the market strength is still low. (Study B)

As circled by C, WinChart RSI is still situated in the neutral region. Since the WinChart RSI is still below the 50% level, it shows that the market movement is still slightly bearish bias. If the WinChart RSI broke below 30% level, it would be a mid-term bearish signal. (Study C)

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