The KLCI gained 3.38 points to close at 1344.10 points on Wednesday. Support for the KLCI is at 1334 followed by 1320 WinChart Automatic Fibonacci Retracement while the resistance is at 1350.

As indicated by A, the KLCI managed to stay above the Bollinger Middle Band, and the Bollinger Middle Band is also serving as the dynamic support for the KLCI, and with the Bollinger Bands expanding slightly, the immediate technical outlook is expected to be on the positive side.

As indicated by B, total market volume declined 14.7%, with market volume below the 40-day VMA level, this shows that our market participation is indeed low, as investors are staying on the sidelines, while buying interest is still relatively low.

As circled at C, the Stochastic remains above 70%, in the short term bullish territory, this suggests that the short term movement of the KLCI is bullish biased.

Generally, the KLCI filled its gap which took place on the 5th of May, and returned to its positive position. If the Bollinger Bands should continue to expand with the KLCI above the Bollinger Middle Band, more upside room for the KLCI is expected. However, the major set-back for this upside movement is still the lack of volume, and therefore, this is not the ideal bullish condition.

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