Winchart Technical Analysis
Daily Market analysis
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The KLCI set another record high on Wednesday at 1431.69 points, and closing 11.96 points higher to 1427.77 points. As indicated by A, the 14, 21, 31 EMA shall continue serving as the dynamic support for the KLCI. As long as the KLCI is supported by the dynamic support, the outlook would be bullish biased.
As indicated by B, despite the KLCI touching a record high, total market remains below the 40-day VMA level. Although overall market participation is still relatively low, we see some improvement of volume on Wednesday. Nevertheless, volume must break above the 40-day VMA level in order to sustain the bullishness of the KLCI.
As circled at C, the Stochastic is still showing a short term bullish signal, with the Stochastic staying above the 70% level. Therefore, the short term bullish signal is expected to continue until the Stochastic falls below the 70% level.
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