WinChart Technical Analysis
Daily Market analysis
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On Friday, the KLCI rebounded a total of 25.01 points to close at 1248.57 points. However, as indicated by A, the 14, 21, 31 EMA is still the dynamic resistance for the KLCI, and therefore, the outlook for the KLCI is still negative biased. Nevertheless, the KLCI has its temporary support at 1215 level, and the next major resistance for the KLCI remains at the 1300 level.
As indicated by B, total market volume declined 8% on Friday, but the volume is still above the 40-day VMA level. If the KLCI should continue rising with the volume staying above the 40-day VMA level, there is a good chance for the KLCI to reclaim its losing ground.
Since the KLCI closed towards its daily high, the Stochastic %K line also turned up sharply. As circled at C, the Stochastic %K breaks above the 30% level, and ended the short term bearish signal. However, this signal is yet to be confirmed. If the Stochastic %D line should break above the 30% level, it would confirm the %K line signal, and the market movement for the short term would return to neutral from bearish biased.
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