Winchart Technical Analysis
Daily Market analysis
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As indicated by A, the KLCI rebounded on Wednesday, with its daily high precisely resisted by the Bollinger Middle Band. Therefore, with the KLCI remains below the Bollinger Middle Band, the immediate outlook for the KLCI is still negative. If the Bollinger Bands Width should continue expanding with the KLCI staying below the Bollinger Middle Band, the negative movement is expected to continue. Nevertheless, the 1333 Fibonacci Retracement line is still the support for the KLCI.
As indicated by B, total market volume increased 7.7% on Wednesday; this shows that the market is actively participated. However, if the KLCI should remains below the falling Bollinger Middle Band, increase of volume would suggesting an increase of selling pressure, thus increasing the risk of the bearish movement.
As circled at C, despite the Stochastic %K line rebounded, it remains below the 50% level, with the %D line continue falling. At the moment, the Stochastic is suggesting a neutral signal with a slight bearish biased. If the Stochastic should fall below the 30% level, it would be a short term bearish signal for the KLCI.
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