As circled at A, the KLCI breaks above the T1 of the recently discussed symmetrical triangle and tested the 1391.57 resistance. On Tuesday, the KLCI closed marginally above the previous resistance of 1391.57 points with an all time new high at 1392.18. Despite the KLCI making an all time new high, the break out of the previous resistance is yet to be confirmed for the break out was insignificant. Nevertheless, the 14, 21, 31 EMA is still serving as the dynamic support to the KLCI, and as long as the KLCI can stay above the rising dynamic support, the outlook is likely to be bullish biased.

Total market volume on Tuesday added 18.9%, with the volume clearly staying above the 40-day VMA level. This suggests an improving market participation, thus is likely to improve the market sentiment. Therefore, provided that the volume is still staying above the 40-day VMA level, the bullish sentiment is likely to continue. (Study B)

On Tuesday, the Stochastic %D line breaks above the 70% level, confirming the %K line signal. Therefore, the Stochastic is now showing a short term bullish signal, suggesting that the market movement for the short term is bullish biased. (Study C)

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