Winchart Technical Analysis
Daily Market analysis
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The KLCI retreated 4.49 points to close at 1409.16 points on Thursday. As indicated by A, the 14, 21, 31 EMA is used to monitor the uptrend, serving as the dynamic support for the KLCI. If the KLCI should rebound from the rising dynamic support, the chances for the KLCI to resume its bullish movement will be higher.
As indicated by B, total market volume was almost unchanged, but remained marginally above the 40-day VMA level. From a technical analysis point of view, the relatively lower volume during this correction is viewed as a healthy signal. If the KLCI should resume its bullish movement, volume must increase to confirm the bullishness.
As circled at C, the Stochastic %K line falls below the 90% level, triggering a short term technical correction signal. However, as long as the Stochastic %D line should remain above the 70% level, the market movement for the short term shall remains bullish biased.
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