Technical view on KLCI:
Based on Fibonnaci retracement level, KLCI now in the range between 61.80% and 100.00%. 0% set at 1867, 100% set at 1671.
Immediate resistance for KLCI are 1746. Immediate support for KLCI is 1713 and 1671.
KLCI goes into trading zone since 3 weeks ago.
Currently, MACD moving uptrend and almost breaks above 0 level, this will be a quite positive signal. On the other hand, RSI heading downward and below 50% neutral level.
KLCI so far already tested the red trend line for 3 times but failed to sustain above the line.
From my previous sharing, market might drop to 1680 to 1586 before rebound. On 29/06/2015 and 09/07/2015, market touched 1688 and 1685 respectively just 5 to 8 points away from my suggestion point and rebounded.
In near term, KLCI likely to go flat or minor downtrend, before another push to retest the red trend line.
At the moment, market in flat with major potential to break above the trading zone.
Thank you for your reading.
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