Winchart Technical Analysis
Daily Market analysis
The KLCI fell over 36 points on Wednesday, closing below the previous 1285 support. Therefore the next support level for the KLCI will be at 1241.29 Fibonacci Retracement Line (50% Retracement). Meanwhile, as indicated by A, the 14, 21, 31 EMA remains falling and serving as the dynamic resistance. Therefore, if the KLCI should continue staying below the falling dynamic resistance, the immediate outlook for the KLCI shall remains bearish biased. (Study A)
As circled at B, total market volume remains below the 40-day VMA level, suggesting that the overall market participation is still low. Therefore, without sufficient inflow of fresh capital, the market sentiment should remains weak. (Study B)
As circled at C, the Stochastic is still staying below the 30% level, which is the short term bearish region. Therefore, the market movement for the short term shall remains bearish biased. (Study C)
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