Winchart Technical Analysis
Daily Market analysis
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The KLCI gapped down on Monday's opening followed by a sharp fall of the Dow Jones Industrial Average Index on last Friday. As indicated by A, the KLCI is now temporary supported by the 31 EMA. If the KLCI should fall below and remain below the falling 14, 21, 31 EMA, the EMA shall reverse and become the dynamic resistance for the KLCI, and the outlook for the KLCI would turn negative. Currently, a support at 1333 Fibonacci Retracement line is seen for the KLCI.
As indicated by B, total market volume increased 20.4% on Monday, and the volume is still above the 40-day VMA level. However, if the KLCI should remain below the falling EMA, the increase of volume would imply an increase of selling pressure, and it might further increase the downside risk for the KLCI.
As circled at C, the Stochastic %K line falls marginally below the 30% level, giving an unconfirmed short term bearish signal. If the Stochastic %D line should fall below the 30% level, it would confirm the %K line signal, and the market movement for the short term would turn bearish biased.
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