WinChart Technical Analysis
Daily Market analysis
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On Friday, the KLCI ended mixed, to close at 1189.06 points. At the moment the KLCI continued its consolidation above the 1150 support level. However, despite the support at 1150 level, the resistance at the gap (1244 – 1280 level) remains an important resistance for the KLCI. Meanwhile, the T1 and the 14, 21, 31 EMA dynamic resistance are still effective, and therefore, the outlook for the KLCI shall remains bearish biased.
As indicated by B, total market volume on Friday was 44.4% lower, and it is very obvious that the volume is further below the 40-day VMA level. This again shows that the overall market participation is indeed very low, thus the KLCI is not likely to regain its strengh, and the bearish sentiment is likely to continue.
As circled at C, the Stochastic short term bearish signal is still intact, with the Stochastic staying below the 30% level. Therefore, as long as the Stochastic is still staying below the 30% level, the short term movement for the KLCI shall remain bearish biased.
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