WinChart Technical Analysis
Daily Market Analysis
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As indicated by A, the FBM KLCI was traded at a narrow range on Friday, losing 0.05 of a point to close at 1294.39 points. Support for the KLCI is at 1287 WinChart Automatic Fibonacci Retracement, which is the 50% retracement, and the resistance is at 1300 to 1302 WinChart Automatic Fibonacci Retracement.
As shown on the chart above, the Bollinger Bands contracted 9%, suggesting that the KLCI is still consolidating. With the KLCI now above the Bollinger Middle Band, the technical outlook is slightly on the positive side. If the Bollinger Bands should re-expand with the KLCI above the Bollinger Middle Band, the KLCI would regain some strength.
As indicated by B, total market volume increased 2.9%, but remains below the 40-day VMA level. This shows that the market confidence is still low, thus the inflow of fresh capital is low.
As indicated by C, the Stochastic is still rising while staying above 70%. Therefore, the short term movement of the KLCI is still on the positive side, until the Stochastic should break below 70% level.
With the Bollinger Bands contracting, the KLCI direction is still unclear while it is preparing for a new movement. But with the KLCI above the Bollinger Middle Band, the immediate technical outlook is likely to be slightly on the higher side.
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