WinChart Technical Analysis
Daily Market analysis
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As indicated by A, the KLCI consolidated above the 1288 Fibonacci Retracement support, closing 3.36 points lower to 1296.33 points. Therefore, the 1288 Fibonacci Retracement line is still the current support for the KLCI while the T1 and the 14, 21, 31 EMA are still serving as the dynamic resistance for the KLCI. In short, the outlook for the KLCI is still bearish biased.
As indicated by B, total market volume on Friday remain below the 40-day VMA level despite a 20.2% increased in trading volume. This tells us that the market participation is still low, thus suggesting that the inflow of fresh capital is still insufficient. Therefore, without sufficient inflow of fresh capital, the KLCI is expected to trade sideways or downside biased.
As circled at C, the MACD histogram ticked up again on Friday, showing a rounding bottom signal. The rounding bottom signal suggests a weakening of the MACD bearish signal, thus implies a consolidation for the KLCI or even a chance for improvement.
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