WinChart Technical Analysis
Daily Market analysis
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As indicated by A, the KLCI tested the T1 downtrend line again, and therefore, the T1 downtrend remains intact. In short, the KLCI has to break above the T1 in order to end the downtrend.
Other than the T1 downtrend line, the 1172 WinChart Automatic Fibonacci Retracement line is also the resistance for the KLCI. Support for the KLCI remains at 1140 WinChart Automatic Fibonacci Retracement. As shown on the chart, the Bollinger Middle Band is the immediate support for the KLCI, as generally, if the KLCI should remain above the Bollinger Middle Band, the immediate outlook for the KLCI is still positive.
As indicated by B, total market volume declined 34%, and the volume remains above the 40-day VMA level. This suggests that the overall market participation is still sufficient, and therefore, is a positive sign for the market in general.
As circled at C, the Stochastic is above the 70% level, which is the short term bullish region. Therefore, this suggests that the short term movement for the KLCI is still bullish biased, despite the slight pullback. Nonetheless, if the Stochastic should break below the 70% level, it would end the short term bullish signal.
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