WinChart Technical Analysis
Daily Market analysis
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The KLCI continued its consolidation on Tuesday, as the pullback effect after hitting above the 20-day Bollinger Upper Band last week. As indicated by A, the immediate support for the KLCI is seen at the 14, 21, 31 EMA dynamic support. If the KLCI should rebound from the dynamic support, there is a chance for the KLCI to resume its bullish movement. Other support is at 1450 level while the resistance for the KLCI is at the 1524.69 level.
As indicated by B, total market volume increased 9% on Tuesday, while staying marginally above the 40-day VMA level. Since the KLCI is consolidating at the moment, the relatively lower volume for these two days can be viewed as a healthy signal. Nevertheless, if the KLCI should resume its bullish movement, volume must increase and remain above the 40-day VMA level in order to sustain the bullish sentiment.
As circled at C, the Stochastic remains above the 70% level, which is the short term bullish region. Therefore, as long as the Stochastic is still staying above the 70% level, the market movement for the short term shall remain bullish biased.
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