Winchart Technical Analysis
Daily Market analysis
On Thursdays, the KLCI ended 6.22 points higher to close at 1313.39 points. As shown on the chart above, the 1285 level remains as the immediate support while the 14, 21, 31 EMA is still the dynamic resistance. (Study A) If the KLCI should continue resisted by the falling dynamic resistance, the immediate outlook for the KLCI is still bearish biased.
As indicated by B, total market volume on Thursdays remains below the 40-day VMA level. This shows that the overall market participation is still relatively low, as it seems like investors are still staying on the sideline. Therefore, the market sentiment is still weak. (Study B)
As circled at C, the Stochastic is still showing a short term bearish signal. If the Stochastic should break above the 30% successfully, it would suggests an end of the bullish signal, and the market movement for the short term would turn to neutral. (Study C)
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