WinChart Technical Analysis
Daily Market analysis
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On Wednesday, the KLCI continued its consolidation, closing 1.19 points higher to 1376.62 points. As indicated by A, the T1 and 14, 21, 31 EMA is still the dynamic resistance for the KLCI. Therefore, if the KLCI should continue resisted by the dynamic resistance line, the outlook shall remain bearish biased. Nevertheless, support for the KLCI is still seen at 1340 level.
As indicated by B, total market volume on Wednesday increased 5.6% on Wednesday. However, it is still below the 40-day VMA level, thus showing that the overall market participation is still low. If the KLCI should break above the T1 dynamic resistance, the best confirmation would be an increase of market volume. Otherwise, the KLCI movement is expected to stay weak or sideways.
As circled at C, the Stochastic is still showing a short term bearish signal, despite its slight rising on Wednesday. If the Stochastic should break above the 30% level, it would suggests an end to short term bearish signal.
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