WinChart Technical Analysis
Daily Market analysis
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As indicated by A, the Bollinger Bands Width expanded 1% on Wednesday, but this is too small the even consider for any signal. Nevertheless, if the Bollinger Bands Width should expand with the KLCI staying above the Bollinger Middle Band, it would be a bullish movement signal for the KLCI. If the Bollinger Bands Width should expand with the KLCI staying below the Bollinger Middle Band, it would be a bearish movement signal. Nevertheless, the T1 downtrend line and the gap resistance are still intact, and the support for the KLCI is still at 1150 level.
As indicated by B, total market volume declined another 8.6%, and needless to mention, it fails to break above the 40-day VMA level, suggesting that the current market participation is indeed low, as investors choose to stay on the sidelines. Without sufficient market participation, the KLCI is less likely to regain its strength.
As indicated by C, the MACD histogram is still falling on Wednesday, and therefore, the rounding top is still visible. The rounding top is still suggesting a weakening of the KLCI. Again, since the MACD line is still above the trigger line, the MACD has not triggered any bearish signal yet.
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