Winchart Technical Analysis
Daily Market analysis
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On Wednesday, the KLCI opened gap up in line with the overnight gain of the US market. As indicated by A, the KLCI is now staying above the Bollinger Middle Band. If the KLCI should remain above the Bollinger Middle Band and the Bollinger Bands Width should continue expanding, it would be a bullish signal. Nevertheless, the next resistance for the KLCI is seen at 1333 Fibonacci Retracement Line.
Total market volume increased 29.4% on Wednesday. However, it is still staying below the 40-day VMA level. This suggests that the overall market participation is still low. Volume above the 40-day VMA level is the crucial element if the KLCI should resume its bullishness.
As indicated by C, the MACD histogram ticked up, and if the MACD histogram should continue rising, it would form a rounding bottom. The rounding bottom suggests that the MACD bullish signal is gaining strength, and provided that the MACD histogram is rising, the market movement for the short term would be bullish biased.
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