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 Thursday, breaking marginally above the dynamic to close at 1374.32 points. At the moment, the 14, 21, 31 EMA is still the dynamic resistance for the KLCI. If the KLCI should retreat after testing the dynamic resistance, it is likely to form a downtrend. Nevertheless, support for the KLCI is still at 1315.99 Fibonacci Retracement line.
As indicated by B, total market volume declined 6.3% on Thursday, and clearly below the 40-day VMA level. This suggests that the overall market is still lightly participated. Therefore, the lower volume also implies insufficient inflow of fresh capital, thus the KLCI is likely to remain weak.
As circled at C, the Stochastic is still rising slowly while situated in the neutral region. At the moment, the Stochastic is still showing a short term neutral signal. If the Stochastic should break above the 70% level, it would be a short term bullish signal, and the market movement for the short term would turn from neutral to bullish biased.
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