WinChart Technical Analysis
Daily Market analysis
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Despite over night gains of Dow Jones Industrial Average Index which led to a higher opening for the KLCI, the KLCI failed to sustain the opening gain and even ended 10.76 points lower. As indicated by A, the KLCI is still resisted by the gap level of the 1244 – 1280, and the T1 downtrend remains intact. Nevertheless, support for the KLCI is seen at 1150 level.
As indicated by B, total market volume increased 21.5% but still remains below the 40-day VMA level. This again shows that the market participation is still insufficient, thus the market is lack of inflow of fresh capital. In short, the KLCI is less likely to regain its strength.
As circled at C, the Stochastic %K line is testing the 70% level. If the Stochastic should break below the 70% level, it would mark an end to the short term bullish signal, and the market movement for the short term would turn to neutral.
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