WinChart Technical Analysis
Daily Market analysis
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On Tuesday, the KLCI ended 4.92 points lower to close at 1257.57 points. As indicated by A, the Bollinger Bands Width remains contracting, suggests that the KLCI is still consolidating. However, since the Bollinger Middle Band is actually pointing lower, that means there are still some bearish tendency for the current movement. Nevertheless, support for the KLCI is at 1244 Fibonacci Retracement line, while the resistance is at 1300 level.
As index by B, total market volume climbed 19% on Tuesday, but remains below the 40-day VMA level. This is still showing that the market participation is low, and therefore, the KLCI is expected to stay sideways with some bearish biased movement.
As circled at C, the Stochastic %K breaks below the 10% level again on Tuesday, as the KLCI closed at its daily low. Therefore, the Stochastic is still showing a short term bearish signal, suggesting that the KLCI short term movement is still bearish biased.
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