Winchart Technical Analysis
Daily Market analysis
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As indicated by A, the KLCI remains in its consolidation as the Bollinger Bands Width continue to contract. Meanwhile, the KLCI is still resisted by the Bollinger Middle Band, which could serve as the dynamic resistance to the KLCI. Therefore, if the Bollinger Bands Width should re-expand with the KLCI remaining below the Bollinger Middle Band, it would be a bearish signal. Nevertheless, the next support for the KLCI is still seen at 1357.20 Fibonacci Retracement line.
As indicated by B, total market volume declined another 10.9%, while continue staying below the 40-day VMA level. Therefore, this shows that the market participation is still relatively low. In other words, the market is lack of fresh inflow of capital, and therefore, the KLCI is less likely to regain its strength.
As circled at C, the Stochastic %K and %D line are now barely above the 30% level, therefore, ended the short term bearish signal. If the Stochastic should remains around the 50% level, the market movement for the short term would be at neutral.
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