WinChart Technical Analysis
Daily Market analysis
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As indicated by A, the KLCI retested the gap resistance on Thursday, closing 20.45 points higher to 1248.19 points. At the moment, breaking above the gap resistance and T1 downtrend line is crucial as it would mark an end to the downtrend. Nevertheless, if volume should increase while the KLCI testing these resistance lines, the chances of a successful breakout would be higher. Nevertheless, the immediate support for the KLCI is at Bollinger Middle Band and followed by the 1150 level.
As indicated by B, total market volume increased 48.4% on Thursday. However, volume is still below the 40-day VMA level, suggesting that the current market participation is still insufficient. Nevertheless, the increase of volume on Thursday is a good signal of improvement. Therefore, if volume should continue increase and break above the 40-day VMA level, the KLCI would have a better chance to regain its strength.
As indicated by C, the MACD histogram is about to tick higher and form a rounding bottom. If the MACD histogram should really form a rounding bottom, it would be another MACD bullish signal, suggests a continuation of bullish signal.
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