Technical view on KLCI:
Based on Fibonnaci retracement level, KLCI now in the range between 61.80% and 78.60%. 0% set at 1867, 100% set at 1671.
The blue horizontal dotted lines are at 1769 (50.00%) and 1746 (61.80%).
Immediate resistant for KLCI are 1746 and 1769. Immediate support for KLCI is 1730.
1782 (38.20%) will be the critical level for KLCI to be in strong uptrend again.
The red colour trend line still the major defense wall for the index.
At the moment, KLCI is flat and reaching the time to drown or to fly in the next 5 to 10 trading days.
As MACD showing positive momentum while RSI still in oversold region.
Furthermore, volume also reduced since last 3 days and today trading volume is the lowest in this week. This is a signal that the selling pressure is getting weaker.
In short, the chance for KLCI to go upward is higher than go downward.
Thank you for your reading.
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