As indicated by A, the KLCI retreated 1.87 points or 0.1% on Wednesday, after being resisted by the 1566 resistance. Next resistance for the KLCI is at 1576.95 all time high, while the supports are at the L1 ascending line as well as the 14, 21, 31 EMA dynamic support.

As indicated by B, total market volume fell 38.7%, with volume back below the 40-day Volume Moving Average. This is usually normal for if the KLCI should pullback with thin volume, it suggests that there were no panic selling. However, if the KLCI should re-test or attempt to break the resistance, more volume is needed.

As circled at C, the Stochastic stays above 70%, in the short term bullish territory. This suggests that the short term movement of the KLCI is still positive.

In conclusion, the technical outlook for the KLCI remains positive as long as the KLCI could stay above the L1 or the 14, 21, 31 EMA.

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