Winchart Technical Analysis
Daily Market analysis
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As indicated by A, the Bollinger Bands Width expanded 9% on Tuesday, with the KLCI staying below the Bollinger Middle Band. Therefore, the Bollinger Bands Width suggests a bearish movement for the KLCI, and if the Bollinger Bands Width should remains expanded with the KLCI staying below the Bollinger Middle Band, the bearish movement is expected to continue.
Meanwhile, as shown on the chart above, the T2 downtrend line remains intact. If the KLCI should remains below the T2, the outlook for the KLCI shall remains bearish biased.
As indicated by B, total market volume remains below the 40-day VMA level. Therefore, this clearly suggests that the overall market participation is indeed insufficient. In other words, if the volume should remain below the 40-day VMA level, the market sentiment is likely to stay weak.
As circled at C, the Stochastic %D line falls marginally below the 30% level. If the %D line should remains below the 30% level, it would confirm the %K signal, and the market movement for the short term would be bearish biased.
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