WinChart Technical Analysis
Daily Market analysis
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The KLCI ended yet another 4.38 points higher on Friday, and for the week, up a total of 69.35 points or 5.8%. At the moment, the KLCI is still testing the gap resistance between 1244 – 1280 while the T1 downtrend resistance remains intact. This shows that the short term KLCI movement was definitely bullish, but to the longer term outlook remains uncertain.
As indicated by B, total market volume increased another 18.4% with the volume staying above the 40-day VMA level. This is a positive sign for it suggests that the overall market is well-participated. If the volume should remain above the 40-day VMA level, the KLCI would have a better to regain its strength.
As circled at C, the Stochastic %D has breached slightly above the 90% level, which marks a short term over-bought signal. This suggests that the current movement of the KLCI is indeed bullish, but has gone slightly over-heated. Therefore, there would be a good chance of a correction or pullback for the near term. Nevertheless, if the Stochastic should remain above the 70% level, the market movement for the short term shall remain bullish biased.
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