On Thursday, the KLCI was still traded at a narrow range, closing 0.57 of a point lower to 1516.81 points. As indicated by A, the KLCI is still supported by the 14, 21, 31 EMA dynamic support as well as the L1 uptrend line, thus the uptrend is still intact.

As indicated by B, total market volume increased 29.92%, with volume above the 40-day volume moving average. However, except for Axiata and TM, most of the actively traded counters are still low-priced stocks and structured warrant, and furthermore, there were 378 gainers versus 370 losers, and therefore the higher volume could not reflect whether there were stronger buying interest or selling pressure.

As indicated by C, the Stochastic is still falling, breaking marginally below 50%. If the Stochastic should stay around 50% region, it suggests that the KLCI short term is consolidating in a sideways manner.

In conclusion, despite that the KLCI is still supported by the 14, 21, 31 EMA and the L1 uptrend line, it would have to break above 1530 to make more upside room. On the contrary, if the KLCI should break below the L1 line, the uptrend could be violated.