Winchart Technical Analysis
Daily Market analysis
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As indicated by A, the KLCI tested the 14, 21, 31 EMA dynamic resistance on Wednesday, while remained resisted by the dynamic resistance. Therefore, if the KLCI should start falling after this attempt, the downtrend remains intact, and the 14, 21, 31 EMA shall continue serving as the dynamic resistance. Support for the KLCI remains at 1315.99 Fibonacci Retracement line.
As indicated by B, total market volume increased 48.2%. However, volume remains below the 40-day VMA level. This once again shows that the overall market participation is still relatively low, and therefore, the KLCI is likely to remains weak.
As circled at C, the Stochastic is now still showing a short term neutral signal. This also suggests that the direction for the KLCI is unclear. If the Stochastic should fall back into the 30% level or lower, it would signal another short term bearish movement signal.
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