Winchart Technical Analysis
Daily Market analysis
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As indicated by A, the KLCI successfully rebounded from the 14, 21, 31 EMA, which is still serving as the dynamic support for the KLCI. Therefore, if the KLCI should continue supported by the dynamic support, the outlook shall remains positive biased. Nevertheless, the resistance for the KLCI remains at 1423.81 points.
Although the KLCI was supported by the dynamic support, total market volume on Tuesday was 14.8% lower. As indicated by B, volume failed to stay above the 40-day VMA level, suggesting a declined in the market participation. Therefore, this suggests that the rebound was not significant. Nevertheless, volume must remain above the 40-day VMA level in order to sustain the upward movement.
As circled at C, the Stochastic is still showing a short term neutral signal despite a mild rebound of the Stochastic %K line on Tuesday. Therefore, the short term movement for the KLCI is expected to be neutral.
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