Winchart Technical Analysis
Daily Market analysis
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As indicated by A, the Bollinger Bands Width continue to contract on Monday suggesting that the KLCI is still consolidating. Nevertheless, if the Bollinger Bands Width should expands with the KLCI staying above the Bollinger Middle Band, it would be a bullish signal, and if the Bollinger Bands Width should expand with the KLCI staying below the Bollinger Middle Band, it would be a bearish signal.
As indicated by B, total market volume on Monday remains below the 40-day VMA level. This shows that the overall market participation is still relatively low, and therefore, without sufficient market participation, the sentiment for the market is likely to remain weak.
As circled at C, the Stochastic %K line falls below the 30% level on Monday, entering the short term bearish region. If the Stochastic %D line should fall below the 30% level, it would confirm the %K line signal, and the market movement for the short term would turn bearish biased.
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