Winchart Technical Analysis
Daily Market analysis
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As indicated by A, the Bollinger Bands Width remains contracting, suggesting that the KLCI is still consolidating. In other words, the contraction of the Bollinger Bands Width implies that the direction for the KLCI is still unclear, as it is preparing for a new direction. Nevertheless, if the Bollinger Bands Width should expands, the new direction for the KLCI would be revealed. Support for the KLCI is still seen at 1357.20 Fibonacci while the resistance is still at 1423.81 level.
As indicated by B, total market volume continue to decline, suggesting that the market participation was indeed quiet. Therefore, without sufficient inflow of fresh capital, the KLCI is likely to remains consolidation and the market strength is expected to be on the weaker side.
As circled at C, the Stochastic %K line returned to below the 30% level on Monday, leaving the %D line barely above the 30% level. Therefore, the Stochastic is now suggesting a mixed signal, with the reading showing a mild bearish biased.
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