As circled at A, the KLCI retreated after Friday's breakout of the symmetrical triangle. However, the KLCI is still supported by the 14, 21, 31 EMA, which is still serving as the dynamic support to the KLCI. Therefore, provided that the KLCI is still supported by the 14, 21, 31 EMA, the outlook remains bullish biased. However, the KLCI must break above the 1391.57 resistance in order to resume its uptrend.

Total market volume declined 16.4%, with the volume barely touching at the 40-day VMA level. Generally, it is considered normal to have a lower volume during a consolidation or any pull back. However, if the KLCI should test the 1391.57 resistance, volume must increase significantly, and to sustain the bullish sentiment, the volume must stay above the 40-day VMA level. (Study B)

As circled at C, the Stochastic %K declined while remaining above the 70% level, which is the short term bullish region. However, the Stochastic %D is still staying below the 70% level, and therefore, the short term bullish signal is still yet to be confirmed. (Study C)

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