WinChart Technical Analysis
Daily Market analysis
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As shown on the chart above, the KLCI moved sideways on Friday, closing 3.81 points higher at 1229.35 points. It appears that the KLCI is consolidating, and from the technical analysis stand point, a sideways consolidation would be the best scenario for now. Nevertheless, as indicated by A, the 14, 21, 31 EMA is still falling and serving as the dynamic resistance for the KLCI. Therefore, if the KLCI should continue resisted by the falling dynamic resistance, the immediate outlook is still bearish biased, with the support at 1215 level followed by the 1157 level.
As indicated by B, total market volume increased 4% on Friday, but it is still below the 40-day VMA level. Therefore, the overall market participation is still low. This suggest that the inflow of fresh capital is still insufficient, thus the KLCI is less likely to regain its strength.
As circled at C, the Stochastic remains below the 30% level, showing a short term bearish signal. Therefore, the market movement for the short term is still bearish biased, until the Stochastic successfully break above the 30% level.
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