WinChart Technical Analysis
Daily Market analysis
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As indicated by A, the KLCI rebounded from the uptrend line of the Ascending Triangle, closing 7.05 points higher to 1460.71 points. Meanwhile, the KLCI is still situated in the congestion area of the 14, 21, 31 EMA Therefore, the 14, 21, 31 EMA is still serving as the dynamic support for the KLCI. If the KLCI should resume to above the EMA, chances for the KLCI to resume its uptrend would be higher.
As indicated by B, total market volume increased 1.1%, while still staying above the 40-day VMA level. If the volume should remain above the 40-day VMA level while the KLCI resumes its uptrend, the bullish sentiment is expected to resume.
As circled at C, the Stochastic %K line rebounded in line with the KLCI. At the moment, the Stochastic is showing a short term neutral signal. If the Stochastic should return to above the 70% level, the market movement for the short term shall resume to bullish biased.
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