As indicated by A, the KLCI fell below the 14, 21, 31 EMA on Monday, and close at the L1 uptrend line with 1562.58 points, downed 14.67 points or 0.9%. The KLCI is currently testing the L1 uptrend line.

As indicated by B, total market volume increased 8.9%, but still below the 40-day Volume Moving Average. This suggests that the market is still relatively quiet, and at the same time, suggesting that investors are still not feeling confident about the local market.

As indicated by C, the Stochastic stays below 30%, in the short term bearish territory. This suggests that the KLCI short term movement is still weak.

In conclusion, the KLCI fell nearly 1%, due to profit taking of heavy weighted blue chips. If the KLCI could rebound from the L1 uptrend line, it means that the uptrend is still intact. If the KLCI should break below the L1 uptrend, it means that the uptrend is violated. As for whether the KLCI would reverse and turn to a downtrend, we will have to wait until the KLCI should form a Lower-High. Next support for the KLCI is at 1551 WinChart Automatic Fibonacci Retracement.