As indicated by A, the KLCI had its intra-day break out above the 14, 21, 31 EMA, but at the close, the KLCI only managed to retain 2.57 points of its daily gain. Therefore, the KLCI has not really broken above the 14, 21 ,31 EMA.

Meanwhile, the Bollinger Bands expanded a little, although insignificant, it is a signal suggesting that the KLCI might be breaking away from its consolidation mood. Resistance for the KLCI remains at 1537.77 WinChart Automatic Fibonacci Retracement while the support is at 1513.56 WinChart Automatic Fibonacci Retracement.

As indicated by B, total market volume increased 9.65%, with volume getting close to the 40-day Volume Moving Average. Still, total market volume is not yet at a healthy level, and this suggests that the market participation is still low, thus not sufficient to lift the KLCI.

As indicated by C, the Stochastic continue rising on Thursday, and this suggests that the KLCI short term is improving. If the Stochastic could break above 70%, it would be a short term bullish biased signal for the KLCI.

In conclusion, short term improvement of the KLCI is seen, but volume remains low. Nevertheless, if the KLCI could really break above the 14, 21, 31 EMA, it would improve the technical outlook of the KLCI.

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