WinChart Technical Analysis
Daily Market analysis
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As indicated by A, the Bollinger Bands Width of the KLCI contracted 10% on Monday, suggesting that the KLCI consolidation remains intact. Meanwhile, the direction for the KLCI is expected to be unclear. If the Bollinger Bands Width should re-expand, the new direction for the KLCI shall be revealed. Nevertheless, resistance for the KLCI remains at 1450 level while the lower support is at 1340 level.
As indicated by B, total market volume on Monday increased 25.1%, but it is still below the 40-day VMA level. Therefore, with the volume staying below the 40-day VMA level, the market participation is perceived as insufficient. Therefore, the KLCI is likely to remain weak.
As circled at C, the Stochastic %K line falls below the 70% level, giving an unconfirmed short term neutral signal. If the Stochastic %D line should fall below the 70% level, it would confirm the %K line and ends the short term bullish signal.
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