WinChart Technical Analysis
Daily Market analysis
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As indicated by A, the Bollinger Bands Width contracted another 29% on Wednesday, suggesting that the KLCI is still consolidating. However, since the Bollinger Bands Width is now so narrow, the consolidation is expected to end soon. If the Bollinger Bands Width should expands with the KLCI above the Bollinger Middle Band, it would be a bullish signal. However, if the KLCI should stay below the Bollinger Middle Band when the Bollinger Bands Width expands, it would be a bearish signal.
As indicated by B, total market volume on Wednesday increased 21.4% but remains below the 40-day VMA level. Therefore, this suggests that the overall market participation is still low, thus the KLCI is likely to stay weak.
As circled at C, the Stochastic %D line fall below the 70% level, and therefore, ended the short term bullish signal. At the moment, the Stochastic is showing a short term neutral signal. If the Stochastic should fall below the 30% level, it would be a short term bearish signal for the KLCI.
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