Winchart Technical Analysis
Daily Market analysis
As shown on the chart above, the KLCI continued its sideways consolidation on Tuesday above the 1285 support level. However, as indicated by A, the 14, 21, 31 EMA is still falling and serving as the dynamic resistance to the KLCI. Therefore, provided that the KLCI is still staying below the falling dynamic resistance the outlook for the KLCI is likely to be bearish biased.
As circled at B, total market volume on Tuesday is still below the 40-day VMA level, suggesting that the overall market participation is relatively still low. This means that the market is lack of fresh capital inflow, thus without the fresh capital inflow, the market sentiment is likely to be weak. (Study B)
Not much changes at the Stochastic. 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 still bearish biased. (Study C)
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