With the KLCI falling 3 consecutive days, it begin to attract some bargain buying, and coupled with the overnight rebound of the US market, the KLCI opened higher on Wednesday. However, despite opening higher, profit takings remains, and as a result, the KLCI ended 0.1 points lower, closing at 1645.53 points. As indicated by A, the KLCI is still below the 14, 21, 31 EMA, while the next support is at 1625. Resistance is still at 1680.

As indicated by B, total market volume remain above the 40-day Volume Moving Average. This shows that the market overall is still actively participated. Meanwhile, market turn over is higher on Wednesday, with RM 1.709 billion traded. This implies that some blue chips are heavily traded as well, and selling pressure is still on the higher side, especially in Axiata.

As indicated by C, the Stochastic has not broken above 30%, thus remain in its short-term bearish territory. This suggests that the KLCI short-term movement is still on the weaker side.

In conclusion, it appeared that the KLCI could have some rebound this morning, but still the market can't fight the stronger selling pressure. Nevertheless, technically speaking, the KLCI is only having its technical correction, and the KLCI has not formed a downtrend.