Winchart Technical Analysis
Daily Market analysis
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On Wednesday, the KLCI retreated 10.44 points to close at 1423.72 points. As indicated by A, the KLCI is now testing the 14, 21, 31 EMA dynamic support. If the KLCI should rebound from the dynamic support, there is a chance for the KLCI to resume its upward movement. Nevertheless, resistance for the KLCI remains at 1449.70.
As indicated by B, total market volume declined 9.3% on Wednesday. As you can see, volume remains below the 40-day VMA level, and it shows that the overall market participation is indeed insufficient. Therefore, provided that the volume is still below the 40-day VMA level, the KLCI is less likely to regain its strength.
As circled at C, the Stochastic %K line fall marginally below the 70% level on Wednesday. If the Stochastic %D should follow the %K line and break below the 70% level, it would suggests an end to the short term bullish signal, and the market movement for the short term would turn from bullish biased to neutral.
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