Winchart Technical Analysis
Daily Market analysis
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As indicated by A, the 14, 21, 31 EMA is now serving as the dynamic support for the KLCI. If the KLCI should remains supported by the dynamic support, chances for the KLCI to resume its uptrend is better. However, if the KLCI should fail to be supported by the dynamic support, it would form a symmetrical triangle, which would suggest a consolidation. Nevertheless, 1340 is still the support level and the resistance is still at 1449.70.
As indicated by B, there is a slightly improvement of the market participation as total market volume increased 19.7% on Wednesday. Despite the improvement, volume remains below the 40-day VMA level. Therefore, from a technical analysis stand point, the market participation is still insufficient, and therefore, the sustainability of the upward movement is still doubtful.
As circled at C, the Stochastic %K line remains above the 70% level, while the %D line is still lagging in the neutral region. Therefore, the Stochastic short term bullish signal is yet to be confirmed. If the Stochastic %D line should break above the 70% level, it would confirm the %K line signal, and the market movement for the short term would turn from neutral to bullish biased.
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