WinChart Technical Analysis
Daily Market analysis
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As shown on the chart above, the KLCI is forming an Ascending Triangle, with T1 being the dynamic support and the 1450 level being the immediate resistance line. Therefore, the KLCI must break above the 1450 level in order to continue the T1 uptrend. Meanwhile, as indicated by A, the 14, 21, 31 EMA is also serving as the dynamic support for the KLCI.
As indicated by B, total market volume remains below the 40-day VMA level suggesting that the overall market participation is still low. From a technical analysis stand point, the lower volume during a consolidation is usually considered normal. However, if the KLCI should break above the 1450 level, volume above the 40-day VMA level is an important criteria to confirm the break out.
As circled at C, the Stochastic is still staying above the 70% level, which is the short term bullish signal. Therefore, provided that the Stochastic can remains above the 70% level, the market movement for the short term is expected to be bullish biased.
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