The KLCI had its intra-day low reaching 1295.31 points, but it managed to rebound from the 14-day Exponential Moving Average (EMA), forming a rather narrow candlestick. This suggests a mixed signal, implying that the 14, 21, 31 EMA is likely to support for the KLCI for now.

As indicated by A, the 14-EMA now serves as the dynamic support for the KLCI while the next support is at 1292.33 WinChart Automatic Fibonacci Retracement. Resistance for the KLCI is at 1300 level and 1308 WinChart Automatic Fibonacci Retracement.

As indicated by B, total market volume declined another 11.2%, with volume remains below the 40-day VMA level. Therefore, this shows that the market is lightly participated, which is quite normal for the KLCI is having its technical correction.

As indicated by C, the Stochastic is now testing the 30% level, and if the Stochastic should break below 30%, it would enter a short term bearish territory, and the short term movement of the KLCI is expected to weak.

In conclusion, since being resisted by the L1 resistance line, the KLCI has continuously fallen for 4 days. With the KLCI temporary stopped by the 14-day EMA, there is a chance of a rebound above the 14-day EMA line.

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