WinChart Technical Analysis
Daily Market analysis
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On Thursday, the KLCI ended another 4.92 points higher to close at 1293.08 points. However, as of Thursday, the Bollinger Bands Width for the KLCI stopped expanding, suggesting that the KLCI fluctuation is now relatively unchanged. If the Bollinger Bands Width should begins to contract, it would suggests a consolidation signal for the KLCI. Nevertheless, as indicated by A, the 1280 level is the immediate support for the KLCI, and the Bollinger Middle Band is still the dynamic support for the KLCI.
As indicated by B, total market volume on Thursday was 4.4% lower, but remain higher than the 40-day VMA level. This shows that the current market participation is relatively well, and therefore, if the volume should remain above the 40-day VMA level, it would help the KLCI to sustain its improving sentiment.
As indicated by C, the MACD started falling, and is likely to form a rounding top. The falling of the MACD histogram suggests that the KLCI is losing strength, thus a weakening signal. If the MACD line should cross below the trigger line, it would mark a bearish signal for the KLCI.
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