Winchart Technical Analysis
Daily Market analysis
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As indicated by A, the KLCI precisely resisted at the 1285 resistance level, as well as the 21-day EMA dynamic resistance. Therefore, if the KLCI should retreat after hitting this resistance level, the outlook for the KLCI shall remains bearish biased.
Total market volume on Thursday increased 45.6%, and slightly breaking above the 40-day VMA level; suggesting some increase of market participation. If the volume should remains above the 40-day VMA level, the market sentiment is likely to improve.
As circled at C, the Stochastic %K line breaks above the 70% level, which triggered an unconfirmed short term bullish signal. If the Stochastic %D line should break above the 70% level, it would confirm the %K signal, and the market movement for the short term would turn from neutral to bullish biased. (Study C)
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