WinChart Technical Analysis
Daily Market analysis
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As circled at A, the KLCI ended 10.14 points higher on Tuesday while still staying in the congestion area of the 14, 21, 31 EMA. Therefore, the direction for the KLCI remains unclear. If the KLCI should break above the 14, 21, 31, EMA dynamic resistance, the next resistance level for the KLCI would be the 1450 level.
As indicated by B, total market volume increased 35.8%. However, it is still below the 40-day VMA level, suggesting that the overall market participation is still insufficient. Technically, volume must stay above the 40-day VMA level in order for the KLCI to regain its strength, and sustain any rally.
As circled at C, the Stochastic %K line returned to above the 70% level. Therefore, the Stochastic is now showing a short term bullish signal. Provided that the Stochastic is still staying above the 70% level, the market movement for the short term is still bullish biased.
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