Meanwhile, the KLCI remains above the 14, 21, 31 EMA, with the technical outlook slightly on the positive side. However, in order to form an uptrend, the KLCI has to form a higher-low.

As indicated by B, total market volume increased 10.42%, but still below the 40-day Volume Moving Average. Overall, the market is still quiet, and again, if volume should remain on the low side, the market is less likely to pickup its strength.

As indicated by C, the Stochastic retreated slightly, but still holding up above 70%, in the short term bullish territory. Technically, provided that the Stochastic is still above 70%, the short term movement of the KLCI is likely to stay positive.

In conclusion, the KLCI breakout above the 14, 21, 31 EMA has no doubt bringing back the position technical outlook, however, the KLCI is yet to form a higher-low in order to signal an uptrend formation. Also, volume would have to be stronger to give the market a push.

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