Winchart Technical Analysis
Daily Market analysis
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As shown on the chart above, the KLCI consolidation continues on Tuesday. As a result, the Bollinger Bands Width begins to contract. Meanwhile, as indicated by A, the 14, 21, 31 EMA is basically still rising and continue serving as the dynamic support for the KLCI. If the KLCI should rebound from the dynamic support after this consolidation, the uptrend shall resume, and the KLCI could test the 1392.18 resistance.
Total market volume decreased 21% on Tuesday, but still managed to stay above the 40-day VMA level. A lower volume during a consolidation is generally viewed as a healthy signal. If the KLCI should resume its uptrend, volume staying above the 40-day VMA level is the most important criteria.
As circled at C, the MACD histogram continue ticking lower on Tuesday, and therefore the rounding top signal remains intact. This suggests that the KLCI is still consolidating and the consolidation is expected to continue until the MACD histogram forms a rounding bottom. Meanwhile, the MACD line has not crossed below the trigger line, and therefore, the bullish signal remains intact.
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