WinChart Technical Analysis
Daily Market analysis
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On Tuesday, the KLCI ended 12.66 points higher to close at 1425.49 points. Despite the KLCI ended higher, the Bollinger Bands Width remains contracting. As indicated by A, the Bollinger Bands Width contracted another 23%, suggesting that the KLCI direction is still unclear as the consolidation continues. Nevertheless, 1450 is still the resistance level while the 1340 is still the support.
As indicated by B, total market volume declined 5.4% and remain below the 40-day VMA level. This shows that the overall market participation on Tuesday is still relatively low. Therefore, the KLCI sideways consolidation is expected to continue.
As circled at C, the Stochastic is still showing a mixed signal, with the %K line below the 70% while the %D line is still above the 70% level. If the Stochastic %D line should fall below the 70% level, it would end the short term bullish signal, and the market movement for the short term would be at neutral.
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