Winchart Technical Analysis
Daily Market analysis
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On Tuesday, the KLCI continued its consolidation, closing 2.87 points to 1372.38 points. At the moment, the resistance for the KLCI remains at the all time new of 1392.18 points while the 14, 21, 31 EMA is still serving as the dynamic support for the KLCI (Study A). If the KLCI should rebound from the 14, 21, 31 EMA, the outlook shall remains positive biased, and the KLCI would have a better chance in testing the all time high resistance.
As indicated by B, total market volume increased 7.6% on Tuesday with the volume staying above the 40-day VMA level. This shows that the whole market is still actively participated, thus the market is still resilient. If the KLCI should rebound with significant increase of volume above the 40-day VMA level, it would help the KLCI to sustain the positive market sentiment.
As circled at C, the Stochastic %K line falls below the 70% level for the first time since 19/09/07. This is a first signal suggesting an end to the short term bullish signal. If the Stochastic %D line should fall below the 70% level, it would confirm the %K line signal, and the market movement for the short term would turn from bullish biased to neutral.
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