Winchart Technical Analysis
Daily Market analysis
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As indicated by A, the KLCI attempted to rebound on Wednesday, while remain resisted by the 14, 21, 31 EMA. If the KLCI should continue resisted by the falling dynamic resistance, the immediate outlook for the KLCI would likely to be bearish biased. Nevertheless, support for the KLCI is still at 1340 level.
As indicated by B, total market volume declined 17.6% on Wednesday, while still staying further below the 40-day VMA level. This is partly due to the coming holidays, as investors choose to stay out from the stock market. Therefore, the market participation is expected to be lower. From a technical point of view, the KLCI is likely to remains weak if the participation is low.
As circled at C, the Stochastic is still staying below the 30% level on Wednesday. Therefore, the short term bearish signal remains intact, and the market movement for the short term is expected to be bearish biased. If the Stochastic should break above the 30% level, it would suggests a technical rebound signal, and the KLCI would have a chance to consolidate.
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