Technical view on KLCI:
From my previous sharing, market still in downtrend but with major potential to rebound. On 13/08/2015, after KLCI breaks below the 1st support line given 1613 on 12/08/2015 then rebounded by the next day. However, market unable to sustain and breaks below the 2nd support given which was 1600 on 14/08/2015.
By setting Fibonnaci retracement level, 0% set at 1867, 100% set at 1671. Currently, market trading below 123.60% level.
Immediate resistance for KLCI are 1613, next 1636 then 1671. Immediate support for KLCI are 1573 and 1550.
1550 will be a critical level for KLCI, breaks below 1550 would means market likely to go downward to the range between 1450 to 1350.
Currently, MACD moving downward steeply and below 0 level, this is a significant bearish signal.
At the moment, market is bear with minor potential to turning well in near term.
Thank you for your reading.
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