WinChart Technical Analysis
Daily Market analysis
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As indicated by A, the KLCI remains resisted by the falling dynamic resistance (14, 21, 31 EMA), and ended 10.30 points lower to close at 1227.76 points. Therefore, this shows that the dynamic resistance is still intact, and as long as the KLCI is still resisted by the falling EMA, the outlook shall remains bearish biased. The immediate support for the KLCI is at 1215 level, and the next support for the KLCI will be at 1157 Fibonacci Retracement line.
As indicated by B, total market volume declined 19.3% on Tuesday, and clearly staying below the 40-day VMA level. Therefore, this is still showing that the market participation is low, thus the KLCI is likely to remains weak.
As circled at C, the Stochastic failed to break above the 30% level successfully, and therefore, the short term bearish signal remains intact, and the market movement for the short term is still bearish biased.
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