The KLCI has its intraday high reaching 1578.51 points, but only managed to close at 1573.60 points, gaining 2.2 points or 0.14%. As indicated by A, the KLCI is still testing the L1 uptrend line as well as the 14, 21, 31 EMA dynamic support. Resistance remains unchanged at 1597.08 or 1600 mark.

As indicated by B, total market volume fell 25.25%, with volume below the 40-day Volume Moving Average. This shows that the market is still quiet, and also implies that investors are not feeling confident about the local market.

As indicated by C, although the Stochastic is breaking out above 30%, it is still hoovering around 30% level, while not signaling any short-term bearish signal. Technically, the Stochastic would have to break above 70%, in order to signal any short-term bullish movement for the KLCI.

In conclusion, the KLCI is still consolidating while not yet breaking its uptrend line. Even if the KLCI should break below the L1 uptrend line, it does not necessary mean that the KLCI would reverse immediately, unless the KLCI forms lower-highs after breaking below the L1 line, then there is a chance of a reversal.