Winchart Technical Analysis
Daily Market analysis
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As indicated by A, the KLCI retreated after tested the 1285 resistance level. Meanwhile, the 14, 21, 31 EMA is still serving as the dynamic resistance level. Therefore, as long as the KLCI is still staying below the falling dynamic resistance, the outlook shall remains bearish biased.
As indicated by B, total market volume remains below the 40-day VMA level. This shows that the market participation is still low, and also implying a low capital inflow. Therefore, without sufficient inflow of capital, the sentiment is likely to stay weak. (Study B)
As circled at C, the Stochastic %K line remains above the 70% level, which is the short term bullish region. 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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