As indicated by A, the FBM KLCI gained 4.99 points or 0.23% on Wednesday, and now testing the 1576.95 historical new high resistance. Currently, the 14, 21, 31 EMA as well as the L1 line are serving as the dynamic support to the KLCI.

As indicated by B, total market volume increased 11.62%, while still staying above the 40-day Volume Moving Average. This suggests that the market participation is improving, and generally, if volume should remain above the 40-day Volume Moving Average, the market sentiment is likely to improve. As indicated by C, the Stochastic stays above 70%, in the short term bullish territory. This suggests that the short term movement of the KLCI is still bullish biased.

In conclusion, the technical outlook for the KLCI stays positive, with the 14, 21, 31 EMA and the L1 line still supporting the KLCI. If the KLCI could really break above 1576.95, it would be making yet another historical new high. However, as for whether the KLCI could resume or sustain its uptrend, more volume is needed.

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