Winchart Technical Analysis
Daily Market analysis
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As indicated by A, the Bollinger Bands Width for the KLCI expanded another 17% on Monday. With the KLCI staying above the Bollinger Middle Band, the expansion of the Bollinger Bands Width suggests a bullish signal. If the KLCI should remains above the Bollinger Middle Band, the upside movement is expected to continue. Nevertheless, the next resistance for the KLCI is still at 1333 Fibonacci Retracement Line.
As indicated by B, total market volume increased slightly on Monday while testing the 40-day VMA level. If volume should break above the 40-day VMA level and maintain above the 40-day VMA level, the market sentiment is expected to improve.
On Monday, the Stochastic break above the 90% level, which is the short-term over-bought region. This suggests that the KLCI short term is indeed bullish but however slightly over-heated. Nevertheless, provided that the Stochastic can remain above the 70% level, the market movement for the short term is likely to be bullish biased. (Study C)
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