As indicated by A, the FBMACE gained another 3.35 points to close at 1341.02 points. Support for the KLCI remains at 1325 while the resistance is still at 1350.

As shown on the chart above, the Bollinger Bands contracted 14%, suggesting that the KLCI has not shown a true uptrend yet. However, since the KLCI is still above the Bollinger Middle Band, the immediate technical outlook is still on the positive side.

As indicated by B, total market volume declined 22.3%, but still above the 40-day VMA level, suggesting that the overall market is still actively participated. Generally, if volume should stay above the 40-day VMA level, the market sentiment is expected to improve.

As indicated by C, the Stochastic stays above 70%, in the short term bullish territory. Therefore, the short term movement of the KLCI is still on the positive side, unless the Stochastic should break below 70%.

In conclusion, the KLCI technical outlook is on the higher side, while the Bollinger Bands has not confirmed such movement. Nevertheless, since the KLCI is still well supported by the 14, 21, 31 EMA, the uptrend remains intact.

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