WinChart Technical Analysis
Daily Market analysis
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As indicated by A, the KLCI ended 8.91 points lower, to close at 1427.19 points. Currently, the KLCI remains in its sideways consolidation while still supported by the 14, 21 31 EMA. Nevertheless, the direction for the KLCI is still unclear with a resistance level at 1450 points.
As indicated by B, total market volume was 23.1% lower, and clearly staying below the 40-day VMA level. This shows that the overall market participation is still insufficient, as the inflow of fresh capital is still relatively low. In short, the KLCI is less likely to pick up its strength without sufficient participation.
As circled at C, the Stochastic is still situated above the 70% level, and therefore, still showing a short term bullish signal. If the Stochastic should fall below the 70% level, it would be a signal suggesting an end to the short term bullishness.
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