Winchart Technical Analysis
Daily Market analysis
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On Tuesday, the KLCI closed 9.03 points higher to 1434.16 points. As indicated by A, the 14, 21, 31 EMA continue serving as the dynamic support for the KLCI, and therefore, if the KLCI should continue supported by the rising dynamic support, the outlook shall remains positive biased. Nevertheless, the resistance for the KLCI is still seen at 1449.70 points.
As indicated by B, some improvement is seen at the total market volume, with an increase of 27.7%. However, the volume is still staying below the 40-day VMA level, while the 40-day VMA level line is still falling. This again, suggests that the overall market participation is still insufficient, and therefore, the KLCI strength is weak.
As circled at C, the Stochastic %K line also rebounded on Tuesday. Therefore, at the moment, the Stochastic is still showing a short term bullish signal. As long as the Stochastic can stay above the 70% level, the market movement for the short term is expected to be positive biased.
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