Winchart Technical Analysis
Daily Market analysis
As indicated by A, the KLCI took a major retreat due to the over night losses in the US and regional markets. The KLCI falls below the T2 uptrend dynamic support as well as the 14, 21, 31 EMA. Therefore, the 14, 21, 31 EMA is now reversing its role to become the dynamic resistance to the KLCI. Nevertheless, the next support level is found at 1332 level while the 1392 level remains as an important resistance level. (Study A)
Total market volume on Friday increased 11.3%. This suggests an increase of some selling pressure as investors reacted negatively to the losses of regional and the US market. This has no doubt dampen the short term market sentiment, and therefore, if the volume should continue rising with the KLCI continue falling, it would provoke more selling pressure in the market. (Study B)
As circled at C, the Stochastic %K falls below the 30% level, which entered the short term bearish region. If the Stochastic %D should falls below the 30% level, it would confirm the %K signal, and the market movement for the short term would be bearish biased. (Study C)
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