As indicated by A, the FBM KLCI had its intraday low touching 1429.38 points, but as it approached the 14, 21 ,31 EMA, it managed to find some support, and started to rebound, reducing the daily losses to only 9.07 points or 0.63%. The Resistance for the KLCI is still at 1453 while the support is at 1400 psychological level, as well as the 14, 21, 31 EMA dynamic support.

As indicated by B, total market volume fell 22.58%, but still above the 40-day volume moving average, and this suggests that the overall market is well-participated, as investors are regaining confidence. Generally, if volume should stay above the 40-day volume moving average, the improvement of market sentiment is likely to continue.

As indicated by C, the Stochastic breaks below the 70% marginally, thus it is still too close to call for an end of the short term bullish signal. Nevertheless, if the Stochastic should continue to fall, it means that the short term bullish signal is over, and at the same time, suggesting a beginning of a technical correction signal.

In conclusion, despite breaking above the 14, 21, 31 EMA, the KLCI is temporary breaking away from its downtrend, but still not yet forming an uptrend for it has not formed Higher-lows. However, with the KLCI above the 14, 21, 31 EMA, the immediate technical outlook for the KLCI is now positive.

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