WinChart Technical Analysis
Daily Market analysis
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On Wednesday, the KLCI ended 33.79 points to close at 1280.23 points. As circled at A, the KLCI has breached below the 20-day Bollinger Lower Band, and therefore, suggested that the current movement is indeed bearish. However, this has caused the KLCI to become slightly over-sold, and therefore, there is a chance for a pull-back to take place in the near future, as a form of technical rebound.
However, with the T1 and the 14, 21, 31 EMA still serving as the dynamic resistance for the KLCI, the outlook for the KLCI shall remains bearish biased, despite a chance of a technical rebound.
As circled at B, total market volume remains below the 40-day VMA level, even though volume increased 23.2% on Wednesday. This tells us that the market participation is still low, and therefore, the KLCI is likely to remain weak.
As circled at C, the Stochastic %D line is still below the 10% level, which is the short term over-sold region. Therefore, this suggests that the KLCI could have a technical rebound soon. Nevertheless, with the Stochastic staying below the 30% level, the market movement for the short term shall remain bearish biased.
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