Despited some early gains, the KLCI remained resisted by the 1216 resistance. This suggested that there are still selling pressure at this level for it was the gap which took place on the 28th of February. In other words, this is a psychology resistance level where the memory of the traders involved is still strong. Nevertheless, if the KLCI failed to break above this level, the outlook for the KLCI remained sideways to negative bias. Support is still found at 1105.40 Fibonacci Retracement.

Total market volume increased 6.3%, but still far below the 40 days VMA level. Mean while, volume as this level is relatively insufficient to break away from the 1216 resistance. Generally, if the volume stayed below 40 days VMA level, the KLCI is likely to stay weak. (Study B)

WinChart RSI broke above 50% level on Wednesday, while still staying in the neutral region. Therefore WinChart RSI is suggesting a neutral mid-term market movement. (Study C)

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