Winchart Technical Analysis
Daily Market analysis
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On Monday, the KLCI opened gap up, closing at its daily high of 1411.62 points, up another 13.27 points. Meanwhile, as shown on the chart above, the Bollinger Bands Width expanded another 33% on Monday, suggesting an increase of volatility. With the KLCI remaining above the Bollinger Middle Band, the volatility is expected to be upside biased. As indicated by A, the Bollinger Middle Band is now serving as the dynamic support for the KLCI.
As indicated by B, total market volume increased another 10.6% on Monday, suggesting that the overall market was indeed actively participated. The increase of volume strengthen the bullish Bollinger Bands signals, and provided that the market should remains active, the bullish sentiment is expected to continue.
As circled at C, the Stochastic %D line continue rising, entering above the 70% level, which is the short term bullish region. Therefore, the %D line confirms the %K line signal, and the market movement for the short is now bullish biased.
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