WinChart Technical Analysis
Daily Market analysis
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The KLCI opened lower on Monday, and despite its attempt to regain its losses, the KLCI closed 17.59 points lower on Monday. As indicated by A, the 14, 21, 31 remains falling while still serving as the dynamic resistance to the KLCI. Therefore, the outlook for the KLCI remains bearish biased. The temporary support for the KLCI is still at 1215 level.
As indicated by B, total market volume declined 29.2%, and it is obviously below the 40-day VMA level. This has no doubt suggests that our market participation is indeed low, and therefore, the KLCI is less likely to regain its strength.
As circled at C, the Stochastic %K line returned to below the 30% level, and therefore, the market movement for the short term is still bearish biased. If the Stochastic should continue staying below the 30% level, there will be more downside risk for the KLCI.
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