WinChart Technical Analysis
Daily Market analysis
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On Tuesday, the KLCI ended mixed, closing 7.96 points higher to 1388.50 points. At this moment, the KLCI is still in its consolidation stage with the 14, 21, 31 EMA, as indicated by A, still serving as the dynamic resistance. Support for the KLCI is still seen at the 1340 level.
As indicated by B, total market increased 6.5% on Tuesday. However, it is still staying below the 40-day VMA level, which suggests that the current market participation is relatively low. Again, from a technical analysis point of view, the lower volume during a consolidation is considered normal.
As circled at C, both the Stochastic %D and %K lines attempted to break out from the 30% level. At the close, the Stochastic is still showing a short term bearish signal. If the Stochastic should break above the 30% level, it would be a short term neutral signal for the KLCI.
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