Winchart Technical Analysis
Daily Market analysis
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As shown on the chart above, the KLCI ended 19.90 points on Monday. Meanwhile, the Bollinger Bands Width is still contracting suggesting that the direction of the KLCI is still unclear. However, if the Bollinger Bands Width should expand with the KLCI staying below the Bollinger Middle Band (as indicated by A) it would be a bearish movement signal; and the next support for the KLCI would be the 1357.20 Fibonacci Retracement line.
As indicated by B, total market volume on Monday was almost unchanged, only gaining 1.7%. However, volume remains below the 40-day VMA level, suggesting that the overall market participation is relatively insufficient. Therefore, as long as the market volume should remains below the 40-day VMA level, the KLCI movement is likely to be on the weaker side.
As circled at C, the Stochastic %K line fall below the 30% level, giving a unconfirmed short term bearish signal. If the %D line should also fall below the 30% level, it would confirm the %K signal, and the market movement for the short term would turn to bearish biased.
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