Winchart Technical Analysis
Daily Market analysis
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The KLCI continues its consolidation on Friday, closing 6.15 points to 1370.17 points. Meanwhile, as indicated by A, the 14, 21, 31 EMA is still serving as the dynamic support for the KLCI, and if the KLCI should rebound from the 14, 21, 31 EMA, the KLCI would resume to its upward movement. Nevertheless, the 1392.18 level shall remains as the important resistance for the KLCI.
As indicated by B, total market volume on Friday declined 21.4%. If the KLCI should remains consolidating, a lower volume is usually considered normal. However, if the KLCI should resume its uptrend and attempt to break above the 1392.18 resistance, a significant increase of volume is needed.
As circled at C, the Stochastic %D line falls below the 70% level, ended the short term bullish signal. At the moment, the Stochastic is showing as short term neutral signal, and therefore, the market movement for the short term is expected to be neutral.
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