Winchart Technical Analysis
Daily Market analysis
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The KLCI continued moving sideways on Friday as it pull back after breaking above the 20-day Bollinger Upper band. However, as indicated by A, the 14, 21, 31 EMA remains rising while still serving as the dynamic support for the KLCI. Therefore, the outlook for the KLCI shall remains bullish biased. Nevertheless, the resistance for the KLCI remains at the 1392.18 all time high.
As indicated by B, total market volume increased 67.5% on Friday, with over 20 million lots transacted. This shows that the market participation is now increasing, suggesting an improving market sentiment and confident. If the volume should remains above the 40-day VMA level, it would help to sustain the bullish sentiment.
As indicated by C, the MACD histogram declined and could form a rounding top. The falling of the MACD histogram suggests a weakening of the MACD bullish signal, which is a signal of a consolidation. Nevertheless, if the MACD line should remains rising above the trigger line, the KLCI is still trending up.
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