Winchart Technical Analysis
Daily Market analysis
As indicated by A, the KLCI remains below the 14, 21, 31 EMA, and therefore, the immediate outlook for the KLCI is still bearish biased. Nevertheless, the 1332 level is the next support level for the KLCI while the resistance remains at the 1392 level. (Study A)
Total market volume on Monday declined 2.3%, while still staying above the 40-day VMA level. This suggests that the market was actively participated. However, if the KLCI continues falling with relatively higher volume, it would suggests an increase of selling pressure. (Study B)
As circled at C, the Stochastic %K is still staying below the 30% level, which is the short term bearish region. If the Stochastic %D line should fall 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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