WinChart Technical Analysis
Daily Market analysis
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On Friday, the KLCI ended 22.05 points higher to close at 1405.40 points. At the moment, it appears that the KLCI is still in its consolidation mode while testing the 14, 21, 31 EMA dynamic resistance. If the KLCI should remain resisted by the dynamic resistance, the outlook for the KLCI shall remains bearish biased.
As indicated by B, total market volume declined 24.3%. However, from a technical point of volume, a lower volume during the market consolidation is rather healthy, for it suggests that the selling pressure is not extremely high. However, if the KLCI should attempt to resume its previous rally, volume must break above the 40-day VMA level to confirm the rally.
As circled at C, the Stochastic %K line breaks above the 30% level marginally on Friday. If the Stochastic %D line should also break above the 30% level, it would confirm the %K line signal, which suggests an end of the short term bearish signal.
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