WinChart Technical Analysis
Daily Market analysis
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On Thursday, the KLCI ended 3.74 points lower to close at 1225.54 points. As indicated by A, the 14, 21, 31 EMA is still falling while serving as the dynamic resistance for the KLCI. Therefore, provided that the KLCI is still resisted by the falling dynamic resistance, the outlook shall remains bearish biased. Support for the KLCI is still at 1215 level, followed by the 1157 Fibonacci Retracement line.
As indicated by B, total market volume remains below the 40-day VMA level, and this is still telling us that the market activity is still relatively low, thus insufficient inflow of fresh capital. Therefore, the KLCI is likely to remains sideways with negative biased.
As circled at C, the Stochastic is now showing a short term bearish signal, with the Stochastic staying below the 30% level. Therefore, provided that the Stochastic is still staying below the 30% level, the market movement for the short term is expected to be bearish biased.
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