WinChart Technical Analysis
Daily Market analysis
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As indicated by A, the KLCI failed to break above the gap resistance, ended 14.07 points lower. Therefore, the 14, 21, 31 EMA is still serving as the dynamic resistance for the KLCI while the T1 downtrend line remains intact. Support for the KLCI is still at 1500 level.
As indicated by B, total market volume declined another 7%, while still remain below the 40-day VMA level. Therefore, this suggests that the market is lightly participated, thus the KLCI is less likely to regain its strength.
As circled at C, the Stochastic %D line continue falling but still staying above the 70% level. If the Stochastic %D line should break below 70% level, it would confirm the %K line signal, and mark an end to the short term bullish signal and the short term market movement would turn to neutral.
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