On Thursday, the KLCI continues its narrow range sideways consolidation, gaining 3.16 points or 0.2%, to close at 1588.06 points. As indicated by A, the KLCI is consolidating at the 14, 21, 31 EMA level, and the resistance stays at 1600-1609.33, while the support is at 1566.

Although total market volume increased 9.3% on Thursday, it is still below the 40-day Volume Moving Average. This suggests that the market overall is still quiet, as investors are staying on the sidelines amid lower market confidence.

As indicated by C, the Stochastic stays above 70%, in its short-term bullish territory. In other words, we don't see the KLCI is losing strength yet for the short-term, until the Stochastic breaks below 70%, then below 30%.

In conclusion, the KLCI sideways consolidation is still intact. If the KLCI should start falling again, it would be forming lower-highs, which by then would increase the chances of a downtrend formation. On the contrary, if the KLCI could break above 1609.33 historical high, together with strong volume, it could resume its previous uptrend.