WinChart Technical Analysis
Daily Market analysis
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As shown on the chart above, the KLCI rebounded 4.64 points on Tuesday, and therefore, the Descending Triangle remains intact with the T1 being the dynamic resistance for the KLCI. In addition to that, the 14, 21, 31 EMA is also serving as the dynamic resistance for the KLCI, as indicated by A. As long as the KLCI is still trading below the dynamic resistance, the outlook shall remains bearish biased.
As indicated by B, total market volume is still staying below the 40-day VMA level. Therefore, this suggests that our market participation is indeed low. In other words, the relatively lower trading volume also imply insufficient inflow of fresh capital, and therefore, the KLCI is likely to stay sideways or downside biased.
As circled at C, the Stochastic rebounded slightly on Tuesday. However, it is still staying below the 30% level, thus the short term bearish biased signal remains intact. If the Stochastic should break above the 30% level successfully, it would mark an end to the short term bearish biased signal, and the KLCI would continue its consolidation.
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