WinChart Technical Analysis
Daily Market Analysis
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As indicated by A, the KLCI is still being resisted by the 1566 resistance, ended 4.24 points lower on Monday. However, as shown on the chart above, the KLCI remains above the 14, 21, 31 EMA as well as the L1 line, and this suggests that the technical outlook for the KLCI is still positive.
As indicated by B, total market volume fell 10.2%, and as a result, volume is back into below the 40-day Volume Moving Average. This shows that the market is still quiet, as investors are not feeling confident about the local market. Without sufficient inflow of fresh capital, the market or the KLCI is less likely to pickup its strength.
As indicated by C, despite the KLCI failing to break above the 1566, the Stochastic is still showing a short term bullish signal. This suggests that the short term movement of the KLCI is still positive. Unless the Stochastic should fall below 70%.
In conclusion, due to the quietness of market, the KLCI remains resisted by the 1566 resistance, but the technical outlook is still positive; unless, the KLCI should break below the L1 line.
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