On Thursday, the KLCI technically corrected 22.27 points, with an intra-day low touching 1291.64 points. As shown on the chart above, the 1332 remains as the important psychological resistance level, and the 1285 is still the support level. Meanwhile, as indicated by A, the KLCI managed to rebound from the 14-day EMA dynamic support, and therefore, the 14, 21, 31 EMA dynamic remains intact. (Study A)

Total market volume declined another 8.7% on Thursday, and continue staying below the 40-day VMA level. With volume below the 40-day VMA line, the market participation is considered as insufficient, therefore, the KLCI is likely stay sideways or weak. If the total market volume continues staying low, chances for the KLCI in breaking the 1332 resistance level is low. (Study B)

As indicated by C, the Stochastic %K line fell below 70% level, and ended the short-term bullish signal. If the %D line fell below 70% level, it shall confirm the %K signal, and the market movement for the short-term would turn from bullish to neutral. (Study C)

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