On Wednesday, the KLCI retreated 11.93 points, ended the day at 1235.24 points. As indicated by T1, it is the current dynamic resistance to the KLCI. If the KLCI remained resisted by T1, it is likely to trend down and the outlook for the KLCI would be negative bias.

Nevertheless, the KLCI was precisely supported by 1229.63 Fibonacci Retracement level. And the next supports are at 1220 Gap level as well as the 14, 21, 31 EMA.

As indicated by B, total market volume increased another 28.1%, with over 296 million shares traded. Unfortunately, the increased of volume resulted a declined of the KLCI, suggested an increased of selling pressure. Therefore, if the KLCI failed to maintain its position above the 1220 level, the outlook would turn negative. (Study B)

MACD histogram declined, and might be forming a rounding top. If the MACD histogram formed a rounding top, it would be a sign of a weakening bullish signal, or a technical correction signal. (Study C)

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