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On Tuesday, the KLCI gained 2.85 points or 0.18%
to close at 1606.63 points, marking yet another historical new high. As
indicated by A, the 14, 21, 31 EMA is still serving as the dynamic support to
the KLCI and since the KLCI is still making new high, we can't determine any
reliable resistance for now.
As indicated by B, total market volume fell
13.34%, with volume below the 40-day Volume Moving Average. This shows that the
market is still quiet, as investors are still not feeling confident about the
market.
As indicated by C, the Stochastic retreated
slightly, but remain above 70%, in the short-term bullish territory. This
suggests that the short-term movement of the KLCI is still positive.
In conclusion, despite making another historical
new high, the low market volume has failed to support the bullish movement, and
the Volume Divergence is still in place. In short, the uptrend of the KLCI
remains intact, but technically, it is not an ideal uptrend.
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