Technical view on KLCI:
From my previous sharing, market in flat with major potential to break above trading zone. On 03/08/2015, KLCI breaks above the upper band of trading zone, this quite a positive sign. Unfortunately, market drops back immediately by the next day.
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 1736 then 1746. Immediate support for KLCI is 1671 and 1660.
KLCI goes into trading zone since 1 month plus ago.
Currently, MACD moving uptrend and yet breaks above 0 level, this not a good sign. On the other hand, RSI heading downward and below 50% neutral level again.
KLCI so far already tested the red trend line for 4 times but still failed to sustain above the line.
At the moment, market still in trading zone but with major potential to break below the zone.
Thank you for your reading.
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