Winchart Technical Analysis
Daily Market analysis
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As indicated by A, the KLCI tested the 14, 21, 31 EMA dynamic support again on Friday and still managed to close above the dynamic support. Therefore, this suggests that the KLCI is still holding up successfully without turning bearish. Nonetheless, the KLCI is likely to move in a sideways movement as the overall volume is still low. Resistance for the KLCI remains at 1423.81.
As indicated by B, total market volume was 18.6% lower on Friday while failing to break above the 40-day VMA level. This suggests that the overall market participation is now lower, and it seems like most investors are staying on the sideline as the market direction is still unclear.
As circled at C, the Stochastic %K line fall below the 70% level on Friday, with the %D line remains in around 50% level. Therefore, the %D line did not confirm the Stochastic %K line signal which triggered on Wednesday, and the Stochastic is now still showing a short term neutral signal.
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