Winchart Technical Analysis
Daily Market analysis
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The KLCI opened gap up on Wednesday but it was precisely resisted by the Bollinger Middle Band, and therefore, it only ended 1.15 points higher at 1384.58 points. As indicated by A, the Bollinger Middle Band is still being the dynamic resistance for the KLCI, and as long as the KLCI is still resisted by the falling Bollinger Middle Band, the outlook for the KLCI shall remains negative biased. Support for the KLCI is still at 1357.20 Fibonacci Retracement line.
As indicated by B, total market volume increased 21.1% on Wednesday, while barely staying above the 40-day VMA level. If the KLCI should break above the Bollinger Middle Band and volume should continue increasing, it would help to lift the market sentiment, and the KLCI would have a better chance in resuming its bullish movement.
As circled at C, the Stochastic %D line fall below the 30% level with the %K line staying below the 30% level. Therefore, the Stochastic %D confirmed the %K line signal, giving a short term bearish signal. As long as the Stochastic should stay below the 30% level, the market movement for the short term would be bearish biased.
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