Winchart Technical Analysis
Daily Market analysis
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As indicated by A, the Bollinger Bands Width for the KLCI remains expanding on Friday. With the KLCI still staying above the Bollinger Middle Band, the expansion of the Bollinger Bands Width suggests a bullish movement for the KLCI. Provided that the KLCI could remains above the Bollinger Middle Band, the bullish signal shall remains intact. Nevertheless, the next resistance for the KLCI is seen at 1333 Fibonacci Retracement Line.
As indicated by B, there is an improvement of the total market volume; however, total market volume remains below the 40-day VMA level, which therefore, suggesting that the overall market participation is still insufficient. If the volume should break above the 40-day VMA level and maintain above the the 40-day VMA level, the market sentiment is likely to improve.
As circled at C, the Stochastic %D line breaks above the 70% level by margin on Friday. This confirms the %K line bullish signal, and if the Stochastic should remains above the 70% level, the market movement for the short term would be bullish biased.
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