Winchart Technical Analysis
Daily Market analysis
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On Thursday, the KLCI ended 14,77 points higher to close at 1335.66 points. As indicated by A, the 14, 21, 31 EMA remains rising while serving as the dynamic support for the KLCI. Provided that the KLCI is still supported by the rising dynamic support, the outlook shall remains bullish biased. Since the KLCI has broken above the 1333 resistance level, the next resistance for the KLCI is now seen at 1392.18 Fibonacci Retracement line.
As indicated by B, total market volume increased 41.2% on Thursday, and the volume manage to break above the 40-day VMA level. This suggests that the market participation is now sufficient, and therefore, if the volume should remain above the 40-day VMA level, the market sentiment is likely to remain positive.
As circled at C, the Stochastic remains above the 70% level after a mild technical correction. If the Stochastic should remain above the 70% level, which is the short term bullish region, the market movement for the short term is bullish biased.
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