WinChart Technical Analysis
Daily Market analysis
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On Wednesday, the KLCI opened gap up more than 23 points but soon started falling to close at 1186.54 points. Despite the Dow Jones Industrial Average Index closing more than 400 points, the KLCI only managed to climb 6.52 points. Nevertheless, the T1 and the 14, 21, 31 Ema are still the dynamic resistance for the KLCI while the major resistance is still found at the gap of 1244-1280 level (As indicated at A). In short, the outlook for the KLCI is still bearish biased.
As indicated by B, total market volume was 1% lower, while still remain below the 40-day VMA level. This tell us that the overall market is still quiet, as investors choose to stay away from the market. Therefore, without sufficient participation, the KLCI is likely to remain weak.
As circled at C, the Stochastic is still showing a short term bearish signal. Therefore, the market movement for the short term is still bearish biased.
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