WinChart Technical Analysis
Daily Market analysis
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On Tuesday, the KLCI ended 2.49 points higher to close at 1180.02 points. As indicated by A, the gap from 1244 to 1280 remains the immediate important resistance for the KLCI. Meanwhile, the T1 as well as the 14, 21, 31 EMA are still serving as the dynamic resistance for the KLCI, therefore, the outlook for the KLCI shall remain bearish biased. Nevertheless, the support for the KLCI is still seen at 1150 level.
As indicated by B, total market volume ended another 27.2% higher, but still below the 40-day VMA level. Therefore, despite the 27.2% increased of volume, the overall market participation is still insufficient. In short, the KLCI is likely to remains weak if volume should remain below 40-day VMA level.
As circled at C, the Stochastic remains below the 30% level, and therefore, it is still showing a short term bearish signal, and the market movement for the short term shall remain bearish biased.
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