Winchart Technical Analysis
Daily Market analysis
As shown on the chart above, the KLCI breached below the 1285 support line with a intra-day lower touching 1275.13 points. However, it managed to close just above the 1285 level, and therefore, the 1285 point is still the support level to the KLCI. Nevertheless, as indicated by A, the 14, 21, 31 EMA dynamic resistance is still falling. If the KLCI should continue staying below the falling dynamic resistance, the outlook for the KLCI shall remains bearish biased.
Total market volume on Friday was 13.6% lower and continue staying below the 40-day VMA level. This shows that the market participation was relatively low, and therefore, this implies that the market confident is still weak. Therefore, if the volume should continue staying below the 40-day VMA level, the market sentiment is expected to be weak. (Study B)
As circled at C, the Stochastic %K line returned to the short term bearish region after briefly breaking above the 30% level. Therefore, the market movement for the short term shall remains bearish biased. (Study C)
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