WinChart Technical Analysis
Daily Market analysis
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On Tuesday, the KLCI closed at its daily high at 1432.35, up another 12.69 points. As indicated by A, the KLCI is now set to test the 1450 resistance level. Meanwhile, the 14, 21, 31 EMA is yet pending to become the dynamic support for the KLCI, for the break out above the 14, 21, 31 EMA is still not yet confirmed. This is due to the lack of trading volume on Tuesday.
Nevertheless, as indicated by B, total market volume was 4% lower, and the volume is still staying below the 40-day VMA level. This is mostly due to the anticipating of the closure of Bursa Malaysia in observing the festive holiday. Therefore, without sufficient market participation, the KLCI is less likely to regain its strength.
As circled at C, the Stochastic %K line is still above the 70% level, which is the short term bullish region. However, the Stochastic %D line is still below the 70% level, and therefore, it has not confirmed the %K line signal. If the Stochastic %D line should 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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