Winchart Technical Analysis
Daily Market analysis
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The KLCI moved sideways on Thursday, closing 2.88 points higher to 1369.84 points. As indicated by A, the 14, 21, 31 EMA remains rising while still serving as the dynamic support for the KLCI. If the KLCI should remain supported by the rising dynamic support, the outlook for the KLCI shall remains bullish biased. Nevertheless, the resistance for the KLCI is still at 1392.18 all time high.
Total market volume declined 28% on Thursday, but it remain above the 40-day VMA level. This shows that the overall participation is still healthy. Therefore, provided that the volume is still staying above the 40-day VMA level, the market sentiment should remains positive.
As circled at C, the Stochastic remains above the 70% level, which is the short term bullish region. Therefore, the Stochastic still suggests a short term bullish signal for the KLCI, and the market movement for the KLCI is likely to be bullish biased.
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