WinChart Technical Analysis
Daily Market analysis
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As indicated by A, the KLCI rebounded 14.28 points on Friday to close at 1276.10 points. Currently, the KLCI is temporary resisted by the Bollinger Middle Band. Since the KLCI rebounded, the Bollinger Bands Width begins to contract, suggest a consolidation signal for the KLCI. If the KLCI should break above the Bollinger Middle Band, the immediate outlook for the KLCI shall improve. Nevertheless, resistance for the KLCI is still at the 1300 psychological level.
As indicated by B, total market volume increased significantly on Friday (79.1%). As clearly indicated, the volume breaks above the 40-day VMA level, and this is a sign of the increase of market participation. Therefore, if volume should remain above the 40-day VMA level, the KLCI would have better chance to recover, and even a chance to break above the 1300 level.
As circled at C, the Stochastic %K rebounded strongly as the KLCI closed at its daily high. Meanwhile, the Stochastic %K also manage to break above the 30% level, leaving the short term bearish region. If the Stochastic %D line should also break above the 30% level, it would confirm the %K signal, and the market movement for the short term shall resume to neutral.
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