WinChart Technical Analysis
Daily Market analysis
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As indicated by A, the Bollinger Bands Width expanded anther 53%, while the KLCI staying below the Bollinger Middle Band, losing another 25.28 points. Right now, the KLCI is still heading to the 1340 support level. As shown on the chart above, T1 is now the downtrend line for the KLCI. If the KLCI should remains resisted by T1, the outlook shall remain bearish biased.
As indicated by B, total market volume increased 17.4% on Friday, while touching the 40-day VMA level. However, from a technical point of view, if the KLCI should fall with high volume, it actually implies a stronger selling pressure. Unless the KLCI should rebound with strong volume, the current movement for the KLCI is likely to remain weak.
As circled at C, the Stochastic is still showing a short term bearish signal with the stochastic staying below the 30% level. Therefore, as long as the Stochastic is still below the 30% level, the market movement for the short term is still bearish biased.
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