Winchart Technical Analysis
Daily Market analysis
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As indicated by A, the KLCI rose 19.68 points on Monday, closing above the 14, 21, 31 EMA. Therefore, there is a chance for the KLCI to resume its uptrend, and the 14, 21, 31 EMA could reverse its role to become the dynamic support for the KLCI. Nevertheless, the next resistance for the KLCI is seen at 1449.70 points.
Despite the KLCI closing at its daily high gaining more than 1%, total market volume, on the other hand, declined 17%. As indicated by B, total market volume remains further below the 40-day VMA level, and therefore, this shows that the market participation is still very low.
As circled at C, the Stochastic %K line breached above the 70% level on Monday, giving an unconfirmed short term bullish signal. If the Stochastic %D line should also break above the 70% level, it would confirm the %K line, and the market movement for the short term would turn to bullish biased.
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