WinChart Technical Analysis
Daily Market analysis
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As indicated by A, the KLCI is now testing the gap resistance (1244 – 1280) as well as the 14, 21, 31 EMA. If the KLCI should break above the gap resistance, the next resistance would be at the T1 dynamic resistance. Despite the recent gains, the downtrend of the KLCI remains intact. Nevertheless, the rebound of the KLCI does improve the market sentiment as the volume begin to pickup.
As indicated by B, total market volume increased 89.1% on Tuesday, and it managed to break above the 40-day VMA level. This shows that the market participation has increased, and if the volume should remain above the 40-day VMA level, it would help lifting the market sentiment.
As circled at C, the Stochastic %K line breaks above the 70% level, which triggered an unconfirmed short term bullish signal. If the Stochastic %D line should also break above the 70% level, it would confirm the %K signal, and the market movement for the short term would turn to bullish biased.
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