As indicated by A, the KLCI managed to be supported by the 14, 21, 31 EMA, closing the day 6.05 points higher to 1304.90 points. If the KLCI should remains supported by the 14, 21, 31 EMA, the outlook would turn positive. Nevertheless, the next resistance for the KLCI is seen at 1333 WinChart Automatic Fibonacci Retracement line.

Although the KLCI ended higher on Friday, total market volume, on the other hand, declined 16.5%. As indicated by B, total market volume is still staying below the 40-day VMA level, and this shows that the overall market participation is indeed insufficient, and therefore, the market sentiment is still at neutral.

As circled at C, the MACD histogram ticked up slightly on Friday, and therefore, has not successfully formed a rounding top. If the MACD histogram should form a rounding top, it would suggests a weakening of the MACD bullish signal.

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