Winchart Technical Analysis
Daily Market analysis
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As indicated by A, the KLCI rebounded from the 14, 21, 31 EMA on Thursday after hitting its daily low at 1405.22 points. Therefore, this shows that the 14, 21, 31 EMA is still the current dynamic support for the KLCI. If the KLCI should fall below the dynamic support, it would suggests an end to this upward movement. Nevertheless, resistance for the KLCI remains at the 1449.70 level.
As indicated by B, total market volume increased 8.8% on Thursday. However, it is still far below the 40-day VMA level, which shows that the market participation is indeed insufficient. This also suggests the investors confident level is rather low, thus the market is less likely to pick up strength.
As circle at C, the Stochastic %K line continue falling on Thursday. Also, the Stochastic %D line falls slightly below the 70% level, which ended the short term bullish signal. Therefore, the Stochastic is now showing a short term neutral signal.
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