Technical view on KLCI:
From my previous sharing, market in trading zone with major potential to break below the zone. On 07/08/2015, KLCI breaks below the lower band of trading zone, this a bearish sign. Additionally, market drops below 2 immediate support which are 1671 and 1660.
Based on Fibonnaci retracement level, KLCI trading below 161.80%.
0% set at 1744, 100% set at 1685.
Immediate resistance for KLCI are 1648, next 1660 then 1671. Immediate support for KLCI are 1613 and 1660.
Currently, MACD moving downtrend and below 0 level, this is a bear sign too. On the other hand, RSI goes into oversold region might signal in near term market likely to rebound from oversold.
At the moment, market still in downtrend but with major potential to rebound.
Thank you for your reading.
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