Winchart Technical Analysis
Daily Market analysis
As shown on the chart above, the KLCI ended 21.30 points higher on Tuesday after successfully rebounded from the 1349 level. Therefore, the KLCI is now moving in a trading range between the 1349 Support and the 1392 Resistance. Meanwhile, as indicated by A, the KLCI is still testing the 14 21, 31 EMA. If the KLCI can break above the 14, 21, 31 EMA, the EMA would resume as its dynamic support. Until, the 14, 21, 31 EMA is still serving as the dynamic resistance to the KLCI. (Study A)
Total market volume on Tuesday was 8.7% higher, with the volume remains above the 40-day VMA level. If the KLCI should continue rising with increasing volume, the sentiment of the market is expected to improve. (Study B)
On Tuesday, the Stochastic % K rebounded in line with the KLCI. As circled at C, the Stochastic is now showing a neutral signal, suggesting that the market movement for the short term is at neutral. (Study C)
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