WinChart Technical Analysis
Daily Market analysis
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As circled at A, the KLCI retreated 9.18 points on Monday as a pullback effect after breaking above the 20-day Bollinger Upper Band. The pullback on Monday is a normal reaction as the KLCI was over-heated. Therefore, this shows that the KLCI is now having a consolidation. If the KLCI should rebound from the dynamic support, the outlook for the KLCI shall remains positive. As mentioned earlier, readers can choose between the 10-day Bollinger middle band or the 14, 21, 31 EMA as the dynamic support reference.
As indicated by B, total market volume declined 40.3%. Since the KLCI is having the Bollinger Bands pullback effect, a lower volume shows that the pullback is rather healthy. However, if the KLCI should resume its bullish movement, volume must resume to above the 40-day VMA level.
As circled at C, the Stochastic %K line falls below the 90%, which signal a beginning of the short term technical correction. However, if the Stochastic should remain above the 70% level, the market movement for the short term shall remain bullish biased.
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