Winchart Technical Analysis
Daily Market analysis
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Despite having a daily high touching at 1327.82 points, the KLCI ended 0.81 of a point lower to close at 1316.43 points. As indicated by A, the Bollinger Bands Width remains expanding with the KLCI staying above the Bollinger Middle Band, and therefore, the Bollinger Bands bullish remains intact until the contraction of the Bollinger Bands Width. Nevertheless, the upper resistance for the KLCI remains at 1333 Fibonacci Retracement line and the Bollinger Middle Band would serve as the dynamic support for the KLCI.
As indicated by B, total market volume remains below the 40-day VMA level, and once again, suggesting that the overall market participation is still insufficient. If the KLCI should remains bullish, volume staying above the 40-day VMA level is a must. Without sufficient inflow of fresh capital, the bullish signal would be less significant.
After staying above the 90% level, which is the over-bought region, the Stochastic retreated as a technical correction signal. However, as long as the Stochastic can remain above the 70% level, the short term bullish signal shall remains intact. (Study C)
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