On Thursday, the KLCI had its intraday high reaching 1502.53 points, gaining up to 30.02 points. However, as indicated by A, the KLCI is still resisted by the 1500 level, and started to give up most of its early gains in the afternoon session, closing the day at 1485.26 points, up only 13.16 points or 0.89%. Support for the KLCI is at the 14, 21, 31 EMA dynamic support, followed by the recent low of 1430 or 1428 Fibonacci Retracement line.

Despite the strong rebound of the KLCI, total market volume only increased 8.34%, but as indicated by B, volume is above the 40-day volume moving average, and if volume should continue to stay above the 40-day volume moving average, the it is likely to help improve the market sentiment.

As indicated by C, the Stochastic breaks above 70%, entering the short term bullish territory. If the Stochastic should stay above 70%, the short term movement of the KLCI is expected to be positive.

In conclusion, together with the strong gains of the global markets, the KLCI also had its shares of positive movement. However, it is still resisted by 1500. But with the KLCI above the 14, 21, 31 EMA now, the immediate technical outlook for the KLCI is now positive. Unless the KLCI could break above the 1500 level, the KLCI is still in its consolidation stage.

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