Winchart Technical Analysis
Daily Market analysis
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As indicated by A, the KLCI rebounded an retested the 14, 21, 31 EMA, closing 6.52 points higher to 1357.33 points. At the moment, the KLCI has not form any new trend, for it is still staying in the congestion zone. If the KLCI should remains resisted by the 14, 21, 31 EMA, the outlook shall turn negative. Nevertheless, support for the KLCI remains in 1333.03 Fibonacci Retracement.
As indicated by B, total market volume remains above the 40-day VMA level, suggesting that the overall market is still actively participated. If the KLCI should resume its position above the 14, 21, 31 EMA, with volume staying above the 40-day VMA level, there is a better chance for the KLCI to maintain its previous positive sentiment.
As circled at C, the Stochastic %K line rebounded and break above the 30% level, which is away from the short term bearish region. Therefore, at the moment, the Stochastic is suggesting a short term neutral signal.
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