Winchart Technical Analysis
Daily Market analysis
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As shown on the chart above, the KLCI ended 22.36 pts higher to 1419.34 pts on Monday. Therefore, as indicated by A, the 14, 21, 31 EMA is still serving as the dynamic support for the KLCI. The KLCI is now set to retest the 1423.81 Resistance line.
However, as indicated by B, total market volume declined another 11.5% on Monday, while staying below the 40-day VMA level. Despite the KLCI ended higher, the declining volume fail to concur with the KLCI Monday's movement. Therefore, if the KLCI should attempt to break above the resistance with this thin volume, the sustainability and reliability would likely be low.
As circled at C, the Stochastic %D line entered above the 70% level. Therefore, the Stochastic is now showing a short term bullish signal. As long as the Stochastic is staying above the 70% level, its technical signal will suggests a short term bullish biased movement.
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