Winchart Technical Analysis
Daily Market analysis
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As indicated by A, the KLCI falls below the 14, 21, 31 EMA on Monday. If the KLCI should continue falling, the 14, 21, 31 EMA shall reserve its role to serve as the dynamic resistance for the KLCI, and the KLCI would likely be forming a downtrend. Nevertheless, support for the KLCI is still seen at 1340 level.
As indicated by B, total market volume increased 7.6% on Monday. However, it is still far below the 40-day VMA level, suggesting that the market participation is still very low. Therefore, as long as the volume is still staying below the 40-day VMA level, the KLCI is expected to stay weak.
As indicated by C, the MACD line crosses below the trigger line on Monday, and triggers a bearish signal. Therefore, the MACD histogram is now below the zero level. If the MACD histogram should continue falling, it would suggests that the MACD bearish signal is gaining strength, thus the KLCI is likely to stay lower.
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