Winchart Technical Analysis
Daily Market analysis
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On Tuesday, the Bollinger Bands width expanded 11%, with the KLCI staying below the Bollinger Middle Band. Therefore, the Bollinger Bands Width suggested bearish signal for the KLCI. Meanwhile, the Bollinger Middle Band shall continue serving as a dynamic resistance for the KLCI just like the 14, 21, 31 EMA; and provided that the KLCI is still staying below the falling dynamic resistance, the outlook for the KLCI shall remains bearish biased. Nevertheless, support for the KLCI is still seen at 1357.20 Fibonacci Retracement line.
As indicated by B, total market volume increased 59% on Tuesday. However, volume remains below the 40-day VMA level, which suggests that the overall market participation is relatively insufficient. In other words, the market is expected to be weak if volume should continue staying below the 40-day VMA level.
As circled at C, the Stochastic is still showing a mixed signal. With the Stochastic staying mostly below the 30% level, the market movement for the short term is still slightly bearish biased.
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