As indicated by A, the FBM KLCI had its intra-day high reaching 1565 points, but it was still resisted by the 14, 21, 31 EMA, and the KLCI fell at last, right before the closing bell, losing 3.6 points or 0.23% to close at 1588.17 points. The 14, 21, 31 EMA is still the dynamic resistance to the KLCI while the immediate support for the KLCI is at 1552.

As indicated by B, total market volume increased 0.68%, with volume still above the 40-day volume moving average. This suggests that the market participation is improving, but unfortunately, the KLCI failed to return to above the L1 line. Generally, if volume should stay above the 40-day volume moving average the market sentiment is likely to improve.

As indicated by C, the Stochastic failed to break above 30% and returned to below 30%, in the short term bearish territory. This suggests that the short term movement of the KLCI is still weak.

In conclusion, the KLCI failed to return to L1 uptrend line, while the short term technical outlook is still weak. If the KLCI should later break below 1552, the short term outlook for the KLCI shall continue to stay weak. But despite that, the KLCI has not formed a downtrend yet, not until if the KLCI should form a Lower-High.

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