On Monday, the KLCI gained 2.68 points to close a 1363.60 points. Support for the KLCI is at 1354 WinChart Automatic Fibonacci Retracement while the resistance is at 1400 level.

As shown on the chart above, the Bollinger Bands expanded 8% while the KLCI still above the Bollinger Middle Band, thus the bullish biased signal remains intact.

As indicated by B, total market volume increased 5%, with volume above the 40-day VMA level, suggesting that the market is still actively participated. Generally, is volume should continue to stay above the 40-day VMA level, the market sentiment is expected to be positive.

As indicated by C, the Stochastic remains above 70%, in the short term bullish territory. Thus, the KLCI short term movement is still bullish biased.

In short, the uptrend remains intact, with the KLCI being supported by the 14, 21, 31 EMA, despite profit taking activities.

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