WinChart Technical Analysis
Daily Market analysis
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Despite the early losses, the KLCI managed to break above the 1244 resistance level, which is also the 23.6% of the Fibonacci Retracement. As indicated by A, the KLCI is now testing the gap resistance. At the moment, the Gap of 1244 – 1280 level remains an important resistance for the KLCI. If the market volume continue increase, the KLCI has a better chance to break above the gap. Nevertheless, T1 remains a downtrend resistance line, and the 1157 is still the support for the KLCI.
As indicated by B, total market volume increased 5.4%, and barely staying above the 40-day VMA level. It is important to note that the volume to maintain above the 40-day VMA level, because if the inflow of fresh capital is insufficient, the selling pressure at the gap shall remain strong as those investor who bought above at and above the gag are striving to break even.
As circled at C, the Stochastic %D line breaks above the 70% level, which confirms the %K line short term bullish signal. Therefore, the market movement for the short term is bullish biased, and as long as the Stochastic could remain above the 70% level, the short term bullish biased movement is expected to continue.
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