As indicated by A, the FBM KLCI was supported by the 14, 21, 31 EMA dynamic support on Wednesday, rebounding 2.57 points or 0.2%. The uptrend of the KLCI remains unaffected while the resistance is at 1600 psychological level.

As indicated by B, total market volume increased 1.3%, with volume almost touching the 40-day Volume Moving Average. Overall, the market is still lightly participated, and this implies that investors are still not feeling confident about the local market.

As indicated by C, the Stochastic rebounded from 30% level, without entering the short term bearish territory. If the Stochastic should stay around 50%, it suggests that the short term movement of the KLCI is neutral, or the KLCI is consolidating in a narrow range.

In conclusion, the uptrend of the KLCI remains intact, but still without sufficient market participation. Nevertheless, the technical outlook for the KLCI is still positive, provided that the KLCI could stay above the 14, 21, 31 EMA as well as the L1 uptrend line.

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