As indicated by A, the KLCI fell 3.86 points or 0.25% lower to close at 1521.94 point, breaking below the 1525 by a small margin. Since the KLCI is only marginally below the 1525 WinChart Automatic Fibonacci Retracement, the 1525 could not serve as the resistance for the KLCI yet, and the resistance shall remain at 1537, and the support is at 1513 WinChart Automatic Fibonacci Retracement.

As indicated by B, total market volume fell 5.26%, with volume below the 40-day Volume Moving Average. This has clearly shown that the market is indeed quiet, thus suggesting that the inflow of fresh capital is low. Therefore, the KLCI is less likely to regain its strength.

As circled at C, the Stochastic remains below 30%, in the short term bearish territory. This suggests that the market movement for the short term is expected to be weak, until the Stochastic could successfully break above 30%.

In conclusion, the short term movement of the KLCI is still weak, while the KLCI has not formed any downtrend yet. Technically, the KLCI would have to form a lower-high, and then breaking below the 1480 important support, then it is only a reversal.

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