As pointed by A, the KLCI was temporary supported by the 1220 gap level as well as the 14, 21, 31 EMA dynamic support. However, T1 remained as the immediate resistance line. If the KLCI fell below the 1220 level, the next support will be 1195 followed by 1167.51 Fibonacci Retracement.

As pointed by B, total market volume for Thursday was 21.5% lower, while barely touching the 40 days VMA level. This again is an uncertain signal, suggesting that the overall market participation is still insufficient. Therefore, without a convincing input of market participation and inflow of capital, the KLCI is likely to stay sideways or negative bias if the volume remained below the 40 days VMA level. (Study B)

MACD histogram continued ticking lower on Thursday, and formed a rounding top signal. This suggested that the bullish MACD signal is losing strength, thus, a technical correction signal. If the MACD histogram continued falling, the short-term movement for the KLCI is likely to be negative bias. (Study C)

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