Winchart Technical Analysis
Daily Market analysis
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As indicated by A, the KLCI had its daily low touching the 31-EMA before closing at 1403.41 points. Therefore, this shows that the 14, 21, 31 EMA is still the dynamic support for the KLCI. If the KLCI should rebound from the dynamic support, the uptrend shall remains intact. Nevertheless, resistance for the KLCI remains at 1449.70 level, and the next support for the KLCI is seen at 1340 level.
As indicated by B, total market volume declined another 8.4% on Friday, and needless to mention, the volume is still far below the 40-day VMA level. Therefore, this once again shows that the overall market participation is still low. In addition, the lower volume also suggests a lower inflow of fresh capital, thus the market is likely to remains weak.
As circled at C, the Stochastic %K line falls below the 30% level on Friday, giving an unconfirmed short term bearish signal. If the Stochastic %D line should fall below the 30% level, it would confirm the %K line signal, and the market movement for the short term would turn bearish biased.
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