WinChart Technical Analysis
Daily Market analysis
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As indicated by A, the Bollinger Bands Width expanded another 14% on Thursday and the KLCI remains above the Bollinger Middle Band. Therefore, the Bollinger Bands suggests a bullish biased signal for the KLCI. However, the KLCI was resisted precisely at T1 downtrend line, and therefore, the downtrend line remains as the major resistance for the KLCI.
As indicated by B, total market volume failed to increase to support the bullish Bollinger Bands signal. Total market volume on Thursday was still below the 40-day VMA level, suggests that the market participation is still low. Again, as we had mentioned repeatedly, if the market volume is low, breaking above the T1 downtrend line or the gap is not going to be easy. Therefore, the market volume is still crucial to the KLCI performance.
As indicated by C, the MACD continue rising and continue showing a rounding bottom signal. The rounding bottom suggests that the KLCI is gaining strength, and this positive movement is expected to continue all the way until the MACD histogram forms a rounding top.
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