Technical view on KLCI:
Based on Fibonnaci retracement level, KLCI now in the range between 50.00% and 61.80%. 0% set at 1867, 100% set at 1671. The blue horizontal dotted lines are at 1769 (50.00%) and 1746 (61.80%).
The immediate support for KLCI are 1746 and 1730.
The red colour trend line draw from 2011, it will be the major defense wall for the index.
We are expecting rebound by the end of this week or next week as the volume decreasing since 3 days ago.
However, MACD and RSI still showing signal of continuous downtrend.
At the moment, KLCI is quite bearish.
For KLCI to be in positive region again, the immediate resistant will be 1782.
Thank you for your reading.
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