WinChart Technical Analysis
Daily Market analysis
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On Tuesday, the KLCI marked another historical high at 1489.87 points, closing 18.97 points higher at 1489.74 points. As indicated by A, the 14, 21, 31 EMA shall continue serving as the dynamic support for the KLCI, and as long as the KLCL is supported by the rising dynamic support, the outlook shall remains bullish biased.
As indicated by B, total market volume increased 35.9%, clearly standing above the 40-day VMA level. Therefore, the increase of volume is likely to lift the market sentiment, and therefore, if volume should remains above the 40-day VMA level, the bullish market sentiment is likely to carry on.
As circled at C, the Stochastic is still showing a short term over-bought signal, with the Stochastic staying above the 90% level. Therefore, if the Stochastic should fall below the 90% level, it would be a signal suggesting a beginning of the technical correction. Nevertheless, provided that the Stochastic is still above the 70% level, the market movement for the short term is still bullish biased.
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