Winchart Technical Analysis
Daily Market analysis
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The KLCI retested the 14, 21, 31 EMA again on Tuesday, closing 0.62 of a point higher to 1364.99 points. As indicated by A, the 14, 21, 31 EMA is still serving as the dynamic resistance for the KLCI, and therefore, unless the KLCI could break above the dynamic resistance successfully, the outlook for the KLCI shall remains bearish biased. Nevertheless, support is still at 1315.99 Fibonacci Retracement line.
As indicated by A, total market volume declined 18.9% on Tuesday, with the volume staying further below the 40-day VMA level. Therefore, this shows that the market is lightly participated. And since the volume also implies inflow of fresh capital, the KLCI is expected to remains weak if the volume should remains below the 40-day VMA level.
As circled at C, the Stochastic %D line breaks above the 30% level by margin. If the Stochastic %D line should continue rising, it would confirm the Stochastic %K line signal, and the market movement for the short term shall change from bearish biased to neutral.
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