Winchart Technical Analysis
Daily Market analysis
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The KLCI rebounded 10.82 points on Monday to close at 1364.37 points. As indicated by A, the KLCI is now testing the 14, 21, 31 EMA, which is serving as the dynamic resistance for the KLCI. If the KLCI should remains resisted by the falling dynamic resistance, the outlook for the KLCI shall remain bearish biased. Nevertheless, support for the KLCI is still seen at 1315.99 Fibonacci Retracement Line.
As indicated by B, total market volume on Monday increased 26.6%, but still staying below the 40-day VMA level. This shows that the overall market participation is still low. If the KLCI should resume its bullishness, volume must break above the 40-day VMA level.
As circled at C, the Stochastic %K line breaks outs from the 30% level, short term bearish region. This signal is yet to be confirmed. If the Stochastic %D line should also break above the 30% level, it would confirm the Stochastic %K line, and the market movement for the short term would turn from bearish biased to neutral.
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