WinChart Technical Analysis
Daily Market analysis
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On Monday, the KLCI ended 17.31 points lower to close at 1177.53 points. At the moment, the KLCI is testing the 1150 support level. As indicated by A, the gap from 1244 to 1280 is still an important resistance for the KLCI. Meanwhile, the T1 downtrend line as well as the 14, 21, 31 EMA are still serving as the dynamic resistance for the KLCI. Therefore, the outlook for the KLCI is still bearish biased.
As indicated by B, total market volume ended 6.85 higher on Monday, but still remain below the 40-day VMA level. This shows that the market participation is indeed insufficient, thus the KLCI is likely to remain weak without fresh sentiment.
As circled at C, the Stochastic is still showing a short term bearish signal with it staying below the 30% level. Therefore, the short term movement for the KLCI is bearish biased, and the bearish sentiment is expected to continue until the Stochastic could successfully break above the 30% level.
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