|
As indicated by A, the FBM KLCI fell 8.05 points
or 0.51% to close at 1583.8 points, breaking below the 14, 21, 31 EMA dynamic
support. Resistance for the KLCI stays at 1600-1609.33 level.
As indicated by B, total market volume increased
1.96% breaking above the 40-day Volume Moving Average by margin. Currently, the
market trading is not considered as active, and if the KLCI (or the market as a
whole) is still falling, the lower volume is usually normal. If the market
should fall with strong volume, it suggests some increase of selling pressure.
As indicated by C, the Stochastic is still falling
while staying below 30%. This is showing a short-term bearish biased signal,
suggesting a weakening short-term movement of the KLCI.
In conclusion, the uptrend of the KLCI is
interrupted, but the KLCI has not formed a downtrend nor a reversal. However, if
the KLCI should form lower-highs later, it would increase the chances of a
downtrend formation.
|