KLCI Market Outlook, Date: 15/05/2015

Technical view on KLCI:

Based on Fibonnaci retracement level, KLCI now in the range between 23.60% and 38.20%. 0% set at 1867, 100% set at 1671. The blue horizontal dotted lines are at 1791 (38.20%) and 1818 (23.60%). Market likely to move within this range for the near term.

Next, KLCI failed to make a higher low above the green trend line and formed a higher low below the line. Although forming a higher low is a good sign but the uptrend momentum getting weaker. This scenario was the second one since the rebound on DEC 2014 as KLCI breaks below the black trend line before this. MACD also showing negative momentum.

Currently, KLCI with positive trend while MACD with negative trend. This is a hidden bullish divergence signal. The black horizontal dotted line which are 1774 and 1825 will be a significant support and resistance for KLCI to determine the following trend.

At the moment, KLCI still in the positive region.

Thank you for reading.

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