As indicated by A, the KLCI had its intra-day high reaching 1357.23 points, however, profit taking pushed the KLCI back, gaining with only 0.41 points, to close at 1352.23 points. This shows that the resistance of 1350~1354 is still intact while the support is at 1325 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands expanded 1%, as the KLCI upside movement is temporary capped by the 1350-54 resistance. Nevertheless, with the KLCI above the Bollinger Middle Band, the immediate technical outlook is bullish biased.

As indicated by B, total market volume fell 14%, but still above the 40-day VMA level. Therefore, this suggests that the overall market is still well-participated and generally, the market sentiment is still on the positive side.

As indicated by C, the Stochastic remains above 70%, in the short term bullish territory. If the Stochastic should break below 70%, it would be an end to the short term bullish signal, and a beginning of a technical correction.

In short, the KLCI is resisted by 1350-54 resistance level, but the 14, 21, 31 EMA as well as the Bollinger Middle Band are still supporting the KLCI, thus the uptrend remains intact.

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