WinChart Technical Analysis
Daily Market analysis
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On Thursday, the KLCI gained 9.17 points to close at 1393.25 points. However, as shown on the chart above, the KLCI is still in its consolidation stage with the 14, 21, 31 EMA (as indicated by A) still serving as the dynamic resistance. Therefore, the immediate outlook for the KLCI is still slightly bearish biased with the next support at the 1340 level.
As indicated by B, total market volume remains below the 40-day VMA level. This shows that the overall market participation is still relatively, and therefore, the KLCI is likely to trend sideways or slightly weak. If the KLCI should test the dynamic resistance, we must volume must increase and stay above the 40-day VMA level to confirm the bullish movement.
As circled at C, the Stochastic %K line breaks out above the 30% level on Thursday and triggered an unconfirmed short term bullish signal. If the Stochastic %D line should also break above the 30% level, it would confirm the %K line signal, and the market movement for the short term would change from bearish biased to neutral.
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