Winchart Technical Analysis
Daily Market analysis
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On Thursday, the KLCI rebounded 10.23 points as the Dow Jones Industrial Average rebounded strongly overnight. However, as indicated by A, the KLCI remains resisted by the falling 14, 21, 31 EMA which is also the dynamic resistance. Mean while, the 1285 resistance remains intact, and therefore, the outlook for the KLCI shall remains bearish biased.
As indicated by B, total market volume for Thursday is still relatively low and remains below the 40-day VMA level. This suggests that the market is still very lackluster, and the sentiment of the market shall remains weak.
As circled at C, the MACD histogram is still rising, suggests that the MACD bullish signal is still dominating. If the histogram should retreats and forms a rounding top, it would be a signal of a weakening bullish signal.
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