The KLCI rebounded 10.24 points or 0.7% on Wednesday, to close at 1464.61 points. However, as indicated by A, the KLCI remains below the 14, 21, 31 EMA dynamic, and this suggests that the downtrend of the KLCI remains intact. Support for the KLCI stays at 1423.

As indicated by B, total market volume fell 7.9%, despite the KLCI gaining over 10 points, while still staying below the 40-day volume moving average. This suggests that the market is still lightly participated, as investors are still not feeling confident about the local market.

As indicated by C, the Stochastic breaks above 30%, leaving the short term bearish territory. For now, the Stochastic is showing a short term neutral signal, suggesting that the short term movement of the KLCI is unclear.

Although the KLCI rebounding over 10 points, this does not change the negative technical outlook, for the KLCI is still resisted by the falling 14, 21, 31 EMA dynamic resistance, and downtrend is still intact.

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