As indicated by A, the FBM KLCI was consolidating in a narrow range on Thursday, gaining 0.34 or a point to close at 1579.69 points. The KLCI is still staying below the 14, 21, 31 EMA but still no downtrend is formed at the moment. Resistance for the KLCI remains at 1600-1609.33.

As indicated by B, total market volume fell 1.3%, with volume still below the 40-day Volume Moving Average. This suggests that the market is still lightly participated, amid weaker investors confidence.

As indicated by C, the Stochastic stays below 30%, in the short-term bearish territory. This suggests that the KLCI short-term movement is still weak. If the Stochastic should break above 30%, it would be a signal suggesting a technical rebound.

Despite overnight strong gains of the US market, the KLCI could only rebound less than a point. Meanwhile, losers still outnumbered gainers 453 to 253 respectively. Coupled with the lower market volume, this implies that investors are not feeling confident about the local market. Nevertheless, the KLCI is not showing any signs of a downtrend formation yet.