WinChart Technical Analysis
Daily Market analysis
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As indicated by A, the KLCI moved sideways between the 1244 – 1280 gap level, and also in the congestion area of the 14, 21, 31 EMA. At the moment, the direction for the KLCI is unclear as the KLCI moves sideways, but still the T1 downtrend line remains intact, suggesting that the longer term outlook is still negative biased.
As indicated by B, total market volume declined another 7.1% on Tuesday, and the volume also failed to break above the 40-day VMA level. This shows that the overall market participation is still insufficient, and the KLCI is likely to remains sideways.
As circled at C, the Stochastic is still staying above 70% level, which is the short term bullish region. Therefore, the Stochastic is still suggesting a short term bullish signal for the KLCI, and as long as the Stochastic can maintain above the 70% level, it suggests that the short term movement for the KLCI is still bullish biased.
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