As indicated by a, the FBM KLCI had its intraday high reaching 1611.5 points, touching another historical new high. However, KLCI started losing its daily gains after 10 am, and at the close, the KLCI only gained 0.05 of a point at 1603.12. Therefore, the resistance for the KLCI remains at 1609, while the 14, 21, 31 EMA is still serving as the dynamic support.

As indicated by B, total market volume fell 27.50% on Monday, with volume barely stays above the 40-day Volume Moving Average level. Generally, if the KLCI is consolidating, a lower volume is usually usually normal. But if the KLCI should re-test its resistance or break out above this resistance, a strong volume is needed to confirm such signal.

As circled at C, the MACD histogram is still showing signs of a Rounding Top, suggesting that the KLCI is consolidating, or losing some strength in its short-term movement. The weakening movement is expected to carry on until the MACD histogram should form a Rounding Bottom.

In conclusion, as the KLCI is attempting to break its historical new high, profit taking rushes in to pulled the KLCI back below 1609. Thus the breakout was not successful. However, the immediate technical outlook for the KLCI is still positive, as it is still staying above the rising 14, 21, 31 EMA.