WinChart Technical Analysis
Daily Market analysis
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As indicated by A, the KLCI stays in the congestion zone of the 14, 21, 31 EMA as well as resisted at the Gap (1244 – 1280). Meanwhile, the T1 downtrend line remains intact, and therefore, suggesting that the KLCI is still staying in the downtrend despite the recent well-favored rebound. Nevertheless, the recent rebound has definitely improved the market sentiment, and therefore, if the market volume should increase, the KLCI would have a better chance to break above the gap resistance.
As indicated by B, total market volume declined 35%. Based on the technical analysis point of view, if the KLCI should have a technical correction, a lower volume would suggests a healthy correction. However, if the KLCI should attempt to break the gap resistance, a stronger volume is needed.
As circled at C, the Stochastic %D line is above the 90% level, which is a short term over-bought signal, suggesting that the KLCI has gone over heated, and a technical correction is only normal. However, if the Stochastic should remain above the 70% level after the technical correction, the short term movement for the KLCI is still bullish biased.
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