As indicated by A, the Bollinger Bands expanded 28%, with the KLCI above the Bollinger Middle Band; and together with the KLCI breaking above the 1300 level, the KLCI resumes its uptrend, gaining 6.27 points to close at 1306.62 points. Resistance for the KLCI is at 1354 WinChart Automatic Fibonacci Retracement while the immediate support for the KLCI is at 1300 level.

As shown on the chart above, the Bollinger Bands expanded clearly, suggesting that the consolidation of the KLCI is over, and if the Bollinger Bands should continue to expand, the KLCI uptrend is expected to carry on.

As indicated by B, total market volume increased another 5.6%, with volume firmly above the 40-day VMA level. Therefore, the market as a whole is still actively participated, thus the overall sentiment is still bullish.

As indicated by C, the MACD histogram started rising, suggesting that the KLCI is regaining its strength after its consolidation. If the MACD histogram should form a Rounding Bottom, the KLCI is likely to pick up its strength, all the way until the MACD histogram should form a Rounding Top.

In short, the KLCI started its new movement after consolidating, and technically, with the KLCI supported by the Bollinger Middle Band, the outlook is still bullish, until the Bollinger Bands should contract again.

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