Winchart Technical Analysis
Daily Market analysis
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As indicated by A, the KLCI is still resisted by the 14, 21, 31 EMA. Therefore, if the KLCI should remain resisted by the 14, 21, 31 EMA, the outlook for the KLCI shall remains cautiously bearish biased. Nevertheless, the 1285 level, is still the resistance level to the KLCI.
Total market volume for Tuesday reduced 25.4% while remains below the 40-day VMA level. Therefore, this suggests that the market participation is still low, and inflow of fresh capital remains insufficient. In short, the sentiment for the market is still weak.
As circled at C, the MACD histogram remains rising, suggesting that the bullish MACD signal is still in control. If the MACD histogram should retreats and forms a rounding top, it would be a signal of a weakening bullish signal. Still, MACD is also a secondary indicator, and the priority of the analysis should be based on the chart patterns and primary indicators like moving average.
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