As indicated by A, the KLCI opened precisely at the Bollinger Middle Band level, closing 23.28 points higher to 990.74 points. Resistance for the KLCI is at 1000 mark while the Bollinger Middle Band is the dynamic support for the KLCI followed by the 959 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands Width expanded 6%, with the KLCI above the Bollinger Middle Band, therefore, the immediate outlook for the KLCI is now positive biased. If the Bollinger Bands Width should expand further, more upside room for the KLCI is expected.

As indicated by B, total market volume increased 56%, while remain above the 40-day VMA level. This suggests that the market is fueled by more new inflow of fresh capital, thus a positive sign for the KLCI to resume its uptrend. Provided that the volume is still above the 40-day VMA level, the positive market sentiment is likely to continue.

As circled at C, the Stochastic rebounded, breaking above 50% as well as the 70% level, re-entering the short term bullish territory. Provided that the Stochastic is above the 70% level, the short term bullish market movement is expected to continue.

After rebounding from the 200-day MA, the KLCI managed to break above the Bollinger Middle Band, which is a good signal, suggesting the KLCI might be resuming its uptrend. Therefore, if the Bollinger Bands Width should expand further, the positive movement of the KLCI is expected to continue. Nevertheless, the 1000 market is still an important resistance level for the KLCI.

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