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As indicated by A, the KLCI was still
consolidating at a narrow range, while staying above the 14, 21, 31 EMA dynamic
support. The KLCI gained 2.67 points or 0.17%, to close at 1598.86 points.
Resistance stays at 1600-1609.33.
As indicated by B, total market volume increased
2.67%, with volume above the 40-day Volume Moving Average. Technically, if the
market participation could continue to improve, there is a better chance for the
KLCI to break its resistance.
As indicated by C, the Stochastic stays around
50%, thus suggesting that the short-term movement of the KLCI is still at its
sideways consolidation mood.
Although some improvement in the overall market
participation, though not significant, the KLCI remains in its narrow range
consolidation. Fortunately, the KLCI managed to stay above the 14, 21, 31 EMA
dynamic support, which means that the KLCI uptrend is still intact.
Nevertheless, the KLCI would have to break above its new high resistance, with
strong volume, in order to extend this uptrend.
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