Winchart Technical Analysis
Daily Market analysis
On Thursday, the KLCI ended mixed, gaining 1.77 points to close at 1381.50 points. As shown on the chart above, the KLCI remains in consolidation while still supported by the 14, 21, 31 EMA dynamic support. Mean while, the T2 dynamic support is still intact. However, the 1391.57 level is still the immediate resistance. (Study A)
Total market volume on Thursday declined 15.7%, but still staying above the 40-day VMA level. This suggests that the overall market is still actively participated. If the volume could continue staying above the 40-day VMA level, there is a better chance for the KLCI to break above the 1391.57 resistance. (Study B)
As circled at C, the Stochastic %K is still situated in the neutral region. If the Stochastic %D line should falls below the 70% level, it would confirm the %K line signal, and the market movement for the short term would turn from bullish biased to neutral. (Study C)
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