Winchart Technical Analysis
Daily Market analysis
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Despite the re-listing of Sime Darby Bhd which caused the KLCI the open gap up for more than 33pts, overall counters declining still outnumbered the numbers of counter rising. Nevertheless, as indicated by A, since the KLCI is now above the 14, 21, 31 EMA, the EMA shall reverse its role to serve as the dynamic support for the KLCI. If the KLCI should resume its upward movement, it must not fall below the 14, 21, 31 EMA. Resistance for the KLCI is now at 1423.81 pts.
As indicated by A, total market volume was almost unchanged on Friday, with the volume remains below the 40-day VMA level. This suggests that many investors are still staying on the sidelines while waiting for a clearer direction of the market. In short, if volume should remains below the 40-day VMA level, it suggests that the overall market participation is still insufficient, thus the KLCI is less likely to regain its strength.
As circled at C, the Stochastic %K breaks above the 70% level, giving an unconfirmed short term bullish signal. If the Stochastic %D line should break above the 70% level, it would confirm the Stochastic %K line, and the market movement for the short term would turn from neutral to bullish biased.
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