As shown on chart above, the Bollinger Bands contracted 1%, and this suggests that the KLCI is basically still consolidating. However, with the KLCI now above the Bollinger Middle Band, the immediate technical outlook has turned positive.

As indicated by B, total market volume increase 10.49%, but still, volume stays below the 40-day volume moving average. This suggests that the market is rather quiet, and also implies that the market confidence is relatively low.

As indicated by C, the Stochastic breaks above 70%, entering the short term bullish territory. If the Stochastic could stay above 70%, the market movement for the short term is expected to be on the higher side.

With the KLCI returning to above the 14, 21, 31 EMA as well as the Bollinger Middle Band, immediate technical outlook is showing some improvement. However, total market volume is still low. Nevertheless, the KLCI next hurdle is at 1532.

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