As indicated by A, the KLCI is still finding its support from the 14, 21, 31 EMA dynamic support, it rebounded 4.8 points or 0.29%, to close at 1635.92 points. Resistance for the KLCI remains at 1647.94 points.

As indicated by B, total market volume fell 12.92%, with volume barely above the 40-day Volume Moving Average. Actually, since profit taking was still quite active on Wednesday, if volume is high with profit taking dominating, it is actually not a good signal. Nevertheless, if the KLCI were to test or break above its resistance, more volume is required to confirm such bullish signal.

As circled at C, the MACD histogram resumes its Rounding Bottom pattern, suggesting that the short-term movement of the KLCI is still improving, and the improvement is expected to carry on until the MACD histogram should form a Rounding Top.

In conclusion, with the KLCI staying above the 14, 21, 31 EMA, the immediate technical outlook remains positive, but the active profit taking has prevented the KLCI from advancing further. Technically, it is not too difficult for the KLCI to test or even break above its resistance, but to sustain or extending the uptrend movement, more positive factors are absolutely needed. They are the investors confident, which can be seen in the volume, and the performance of the regional markets.