WinChart Technical Analysis
Daily Market analysis
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As indicated by A, the Bollinger Bands Width expanded 37% on Thursday after consolidated for over a week. With the KLCI situated below the Bollinger Middle Band, the expansion of the Bollinger Bands Width will suggests a bearish movement. Therefore, if the Bollinger Bands Width should remain expanding while the KLCI staying below the Bollinger Middle Band, the immediate outlook for the KLCI is expected to be bearish biased. Nevertheless, the support for the KLCI is still seen at the 1340 level.
As indicated by B, total market volume declined 9.3% on Thursday, while still staying below the 40-day VMA level. This again shows that the overall market participation is still low. In other word, the inflow of fresh capital into the market is insufficient, thus the KLCI is unlikely to regain its strength.
As circled at C, the Stochastic %K line falls below the 30% level, and therefore, issuing an unconfirmed short term bearish signal. If the Stochastic %D line should also break below the 30% level, it would confirm the short term bearish signal, and the market movement for the short term is expected to be bearish biased.
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