Winchart Technical Analysis
Daily Market analysis
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On Wednesday, the Bollinger Bands Width continue expanding with the KLCI staying above the Bollinger Middle Band. Therefore, the expansion of the Bollinger Bands Width suggests a continuation of the Bollinger Bands bullish signal. Provided that the KLCI is still above the Bollinger Middle Band, more upside room is expected for the KLCI. Nevertheless, the next resistance for the KLCI is still at 1333 Fibonacci Retracement line.
As indicated by B, total market volume declined another 12.8%, with the volume staying below the 40-day VMA level. This shows that the market participation is indeed insufficient, and therefore, this has failed to confirm the Bollinger Bands bullish signal. Volume must break above the 40-day VMA level in order to sustain the bullish sentiment.
As circled at C, the Stochastic remains above the 70% level, which is the short term bullish region. Therefore, the market movement for the short term is still bullish biased, until the Stochastic falls below the 70% level, then the market movement for the short term would turn to neutral. (Study C)
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