Winchart Technical Analysis
Daily Market analysis
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As indicated by A, the KLCI broke above the previous resistance at 1392.18, closing 20.08 points higher at 1398.35 points. Together with the break out, the Bollinger Bands Width also expanded 30%, with the KLCI clearly above the Bollinger Middle Band. This shows that the current volatility of the KLCI is upside biased. Provided that the Bollinger Bands should continue expanding, the upside movement shall continue. However, the sustainability of the upside movement is highly depend on the inflow of fresh capital, thus increase of volume, and the immediate support is now at the Bollinger Middle Band.
As indicated by B, total market volume increased 25.2% on Friday, as it helps the KLCI breaking the important resistance. However, the breakout is yet to be confirm. Volume must continue increase in order to sustain the bullish breakout, or else, the break out would be a faulty one.
As circled at C, the Stochastic %K line touches the 100%. Also, the Stochastic %D line break above the 70% marginally. If the Stochastic %D line should stay above the 70% level, it will suggests a short term bullish signal.
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