Winchart Technical Analysis
Daily Market analysis
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As indicated by A, despite a mild rebound, the KLCI remain resisted by the Bollinger Middle Band. Meanwhile, the Bollinger Bands Width contracted 6% on Thursday, suggesting that the KLCI is still consolidating. In other words, the direction for the KLCI is still unclear. Nevertheless, the 1357.20 Fibonacci Retracement line is the next support for the KLCI while the resistance is still at 1423.81 points.
As indicated by B, total market volume declined 20.8%, while staying below the 40-day VMA level. This shows that the overall market participation is relatively low, and therefore, as long as the volume should remains below the 40-day VMA level, the KLCI is less likely to pickup its strength.
As circled at C, the Stochastic %K line ticked higher, breaking above the 30% level. However, since the Stochastic %D line is still below the 30% level, the %K neutral signal is yet to be confirmed. If the Stochastic %D line should break above the 30% level, the short term movement signal would be at neutral.
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