As indicated by A, the FBMKLCI continue to rebound on Thursday, gaining 3.22 points to close at 1565.81 points. However, the KLCI is not able to break above the L1 line yet, and the 14, 21, 31 EMA is now serving as the dynamic resistance to the KLCI, other than the 1600 psychological level.

As indicated by B, total market volume gained 49.3%, breaking above the 40-day Volume Moving Average. Technically, if volume should remain above the VMA, it would help lifting the market sentiment in a whole.

As indicated by C, the Stochastic also rebounded on Thursday, but not breaking above the 30% level yet. If the Stochastic should break above 30%, it would be a signal suggesting a beginning of a technical rebound.

In short, despite falling marginally below the L1 line, the KLCI has not formed a downtrend, not until the KLCI should form a Lower-High. Meanwhile, if volume should continue to grow, it is likely that the KLCI could return to above the L1 line.

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