Winchart Technical Analysis
Daily Market analysis
Despite the KLCI opened higher on Thursday and rebounded more than 10 points, it closes lower as more selling activities took place. As indicated by A, the KLCI is now staying below the 14, 21, 31 EMA, and therefore, the immediate outlook for the KLCI is bearish biased. Mean while, support for the KLCI is found at 1332 level. (Study A)
Total market volume on Thursday was 28.4% lower while barely staying above the 40-day VMA level. If the volume should fall below the 40-day VMA level, it would suggests a decline in market participation, and if the volume should continue staying below the 40-day VMA level, the KLCI is less likely to regain its strength. (Study B)
As circled at C, the Stochastic is still staying below the 30% level, which is the short term bearish region. Therefore, provided that the Stochastic is still staying below the 30% level, the short term market movement for the KLCI is likely to be bearish biased. (Study C)
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