WinChart Technical Analysis
Daily Market analysis
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On Tuesday, the Bollinger Bands Width only expanded 3%, and the signal was rather insignificant. This suggests that the current upside volatility of the KLCI is still low. (Study A) Currently, the KLCI is still testing the 1280 resistance level, as well as the 1300 psychological level. Nevertheless, the Bollinger Middle Band shall continue serving as the dynamic support for the KLCI.
As indicated by B, total market volume declined 8.2%, and failed to stay above the 40-day VMA level. It is absolutely important that the volume to maintain above the 40-day VMA level, or else the market participation would not be sufficient to sustain the KLCI bullish movement.
As circled at C, the Stochastic is still showing a short term bullish signal, with the Stochastic staying above the 70% level. As long as the Stochastic is still staying above the 70% level, the short term market movement for the KLCI is likely to be bullish biased.
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