On Monday, the KLCI ended lower, and tested the 200-day Moving Average line. As indicated by A, the KLCI is precisely supported by the 200-day Moving Average line, and closed at 1273.69 points. Support for the KLCI is at 1272 WinChart Automatic Fibonacci Retracement while the resistance is at 1287.15 followed by 1302 WinChart Automatic Fibonacci Retracement.

The Bollinger Bands expanded 29%, with the KLCI below the Bollinger Middle Band, thus the technical outlook remains weak, until Bollinger Bands should begin to contract.

As indicated by B, total market volume declined 25.3%, with volume obviously below the 40-day VMA level. Therefore, this shows that the market is lightly participated, thus the KLCI is less likely to pick up any strength without sufficient buying interests.

As indicated by C, the Stochastic %K line crosses above the %D line, which is an early signal of a possible technical rebound. However, still, the Stochastic has to break above 30%, in order to signal a technical rebound for the KLCI.

In conclusion, the KLCI downtrend remains intact, while testing the 200-day MA. If the KLCI should break below 200-day MA, it would be a common consensus that the KLCI would be entering a bearish market.

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