Winchart Technical Analysis
Daily Market analysis
On Monday, the KLCI rebounded 8.78 points to close at 1296.48 points. As shown on the chart above, the KLCI continue its consolidation above the 1285 support level. However, as indicated by A, the 14, 21, 31 EMA is still falling, and continue serving as the dynamic resistance. Therefore, provided that the KLCI is still resisted by the falling dynamic resistance, the outlook for the KLCI shall remains bearish biased.
Total market volume on Monday remains below the 40-day VMA level. Therefore, the overall market participation of the market is relatively low as it seems like most investors are still staying on the sidelines. As a result, as long as the volume is still below the 40-day VMA level, the market sentiment is likely to be weak. (Study B)
As circled at C, the Stochastic is still staying below the 30% level, which is the short term bearish region. Therefore, as long as the Stochastic is still staying below the 30% level, the market movement for the short term is likely to be bearish biased. (Study C)
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