WinChart Technical Analysis
Daily Market analysis
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As indicated by A, the KLCI is now temporary resisted by the 1500 psychological resistance level. Therefore, it is considered healthy if the KLCI should have a mild technical correction. Meanwhile, the 14, 21, 31 EMA is still serving as the dynamic support for the KLCI, and provided that the KLCI is still supported by the dynamic support, the outlook for the KLCI shall remains bullish biased.
As circled at B, total market volume is now above the 40-day VMA level, suggesting that the market is well-participated. Therefore, if the volume should remains above the 40-day VMA level, the bullish market sentiment is expected to continue.
As circled at C, the Stochastic is still showing a short term over-bought signal. Therefore, if the Stochastic should fall below the 90% level, it would be a signal suggesting a short term technical correction. However, if the Stochastic can remain above the 70% level after the possible mild correction, the market movement for the short term shall remains bullish biased.
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