WinChart Technical Analysis
Daily Market analysis
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On Monday, the KLCI opened gap up, closing 26.41 points higher at 1419.66 points. As indicated by A, the KLCI is now testing the 14, 21, 31 EMA, which is still serving as the dynamic resistance for the KLCI. If the KLCI should break above the dynamic resistance with sufficient increase of volume, there is a chance for the KLCI to resume its bullish movement. Nevertheless, if the KLCI should fail to break out above the resistance, the sideways movement for the KLCI is expected to continue with some slight bearish biased.
As indicated by B, total market volume increased 8.1% on Monday. At the moment, total market volume is still below the 40-day VMA level. If volume could pick up and stay above the 40-day VMA level, there will be better chances for the KLCI to regain its strength. If volume should remain below the 40-day VMA level, the KLCI is likely to stay sideways.
As circled at C, the Stochastic %K line breaks above the 70% level on Monday, giving an unconfirmed short term bullish signal. If the Stochastic %D line should also break above the 70% level, it would confirm the %K line signal, and the market movement for the short term would turn from neutral to bullish biased.
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