Winchart Technical Analysis
Daily Market analysis
As shown on the chart above, the KLCI rebounded 17.04 points on Wednesday, after successfully supported by the 1285 level. Meanwhile, as indicated by A, the 14, 21, 31 EMA remains falling and still serving as the dynamic resistance to the KLCI. Therefore, the immediate outlook for the KLCI is still bearish biased, unless the KLCI can successfully break above the dynamic resistance with strong volume.
As indicated by B, total market volume for Wednesday remains below the 40-day VMA level. This shows that the volume for the overall market is relatively insufficient. Therefore, without sufficient inflow of fresh capital, the market sentiment shall remains weak. (Study B)
As circled at C, the Stochastic %K rebounded and break above the 10% level. This is a technical rebound signal after the Stochastic over-sold signal. However, at the moment, the Stochastic is still showing a short term bearisn signal, and therefore, the short term market movement for the KLCI is still bearish biased. (Study C)
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