Winchart Technical Analysis
Daily Market analysis
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As indicated by A, the Bollinger Bands Width expanded 10% on Tuesday, with the KLCI staying below the Bollinger Middle Band. Therefore, the expansion of the Bollinger Bands Width suggests a bearish movement signal. If the Bollinger Bands Width should remains expanding, the outlook for the KLCI would be bearish biased. Nevertheless, the next support for the KLCI is seen at 1357.20 Fibonacci Retracement line.
As indicated by B, total market volume increased 8.2% on Tuesday. However, volume remains below the 40-day VMA level which suggests that the overall market participation is still relatively low. Therefore, without sufficient inflow of fresh capital, the KLCI is likely to stay weak.
As circled at C, the Stochastic %K line rebounded but remains below the 30% level, which is the short term bearish region. Meanwhile, the %D line is still above the 30% level; therefore, it has not confirmed the %K line signal. If the %D line should fall below the 30% level, the market movement for the short term would be bearish biased.
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