Winchart Technical Analysis
Daily Market analysis
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The KLCI ended 13.80 points higher on Thursday, closing at its daily high at 1437.82 points. As shown on the chart above, the KLCI is set to test the 1449.70 all time high resistance. Meanwhile, as indicated by A, the 14, 21, 31 EMA is now serving as the dynamic support for the KLCI; and the next support is still at 1340 level.
As indicated by B, total market volume seem to be improving as it increased another 32.8% on Thursday. However, volume must break above the 40-day VMA level in order to sustain the bullish movement, especially when the KLCI is testing the all time high resistance. If volume should break above the 40-day VMA level, chances for the KLCI to resume its uptrend would be higher.
As circled at C, the Stochastic %D line almost break above the 70% level on Thursday. If the Stochastic %D line should break above the 70% level, it would confirm the %K short term bullish signal. Nevertheless, if the Stochastic should remains above the 70% level, the market movement for the short term would likely be bullish biased.
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