Winchart Technical Analysis
Daily Market analysis
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On Thursday, the KLCI ended 6.68 points higher to close at 1383.61 points. As indicated by A, the 14, 21, 31 EMA remains rising and still serving as the dynamic support for the KLCI. As a result, the KLCI is set to test the 1392.18 all time high resistance.
As indicated by B, total market volume declined another 6.6% on Thursday, but it managed to stay above the 40-day VMA level. This shows that the overall market participation is still active, and if the volume should remains above the 40-day VMA level, it would help to sustain the positive sentiment.
As indicated by C, the MACD histogram continue ticking lower. This suggests that the KLCI short term movement is still at a consolidation stage. If the MACD histogram should tick up and form a rounding bottom, it would be an end to the consolidation and the KLCI would resume its uptrend movement.
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