Winchart Technical Analysis
Daily Market analysis
As shown on the chart above, the KLCI remains supported by the 1332 level and rebounded 2.14 points to close at 1335.42 points. However, as indicated by A, the 14, 21, 31 EMA remains falling while continue serving as the dynamic resistance to the KLCI, and therefore, the immediate outlook for the KLCI is still negative biased. (Study A)
Total market volume on remains below the 40-day VMA level and declined another 27.9% on Friday. This suggests that the overall market was lightly participated, also implying a lack of confident as most investors choose to stay at the sidelines. Provided that the volume remains below the 40-day VMA level, the KLCI is likely to stay in is correction or consolidation stage. (Study B)
Despite the KLCI rebounded from the 1332 support level, the Stochastic remains below the 30% level, which is the short term bearish region. Therefore, the Stochastic is suggesting a short term bearish signal, and the market movement for the short term would be bearish biased. (Study C)
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