WinChart Technical Analysis
Daily Market analysis
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On Wednesday, the Bollinger Bands Width expanded an insignificant 3% with the KLCI staying above the Bollinger Middle Band. Although the expansion of the Bollinger Bands Width was rather insignificant, it is still a good start as the KLCI is still set to test the T1 downtrend line, while staying in the gap range. Nevertheless, if the KLCI could break above the T1 downtrend line, the outlook for the KLCI is likely to improve.
As indicated by B, total market volume increased 32.6%, but still insufficient to break above the 40-day VMA level. From a technical stand point, Wednesday's market participation is still considered as low, but it is still some improvement. Still, breaking above the T1 would not be easy if the market volume should remain below the 40-day VMA level.
As circled at C, the MACD histogram continue rising and the rounding bottom remains intact, suggesting that the MACD bullish signal is still gaining strength. As long as the MACD histogram is still rising, the KLCI movement is likely to improve.
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