Winchart Technical Analysis
Daily Market analysis
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Despite having a daily high reaching 1383.77 points, the KLCI closed marginally higher to 1376.32 points, up only 1.93 points. Therefore, this shows that the KLCI is still cannot break above its consolidation. However, as indicated by A, the 14, 21, 31 EMA is still serving as the dynamic support for the KLCI, and provided that the KLCI is still supported by the rising dynamic support, the outlook shall remains positive. Nevertheless, the 1392.18 resistance is still an important resistance for the KLCI.
As indicated by B, total market volume increased 2.9% on Thursday, with the volume remains above the 40-day VMA level. This shows that the overall market is still actively participated, and should volume remains above the 40-day VMA level, it would help sustain the positive sentiment.
As circled at C, the Stochastic %K line retested the 70% level. If the Stochastic %K should break above the 70% level, with the %D line remains above the 70% level, the market movement for the short term shall resume to bullish biased. If the %D line should break below the 70% level, the short term movement shall turn to neutral.
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