As indicated by A, the KLCI gained 7.05 points or 0.5% to close at 1392.56 points. Immediate resistance for the KLCI is at 1400 level and the KLCI is set to this this level. Support for the KLCI is at 1354 followed by 1340.63 WinChart Automatic Fibonacci Retracement.

As shown on the chart above, the Bollinger Bands expanded 29%, with the KLCI above the Bollinger Middle Band, thus the Bollinger Bands is still showing a bullish signal for the KLCI.

As indicated by B, total market volume declined 1.5%, but volume remains above the 40-day VMA level. Generally, the market is still actively participated, and the market sentiment as a whole is still on the positive side.

As indicated by C, the Stochastic touches 100%, which suggests that the short term movement of the KLCI is indeed strong, but it is going to get over-heated. Still, provided that the Stochastic could stay above 70%, the short term movement of the KLCI is still on the positive side.

In conclusion, the upside movement of the KLCI remains intact as the Bollinger Bands is still expanding, and also the KLCI is supported by the 14, 21, 31 EMA; the technical outlook is still bullish biased.

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