Technical view on KLCI:
From my previous sharing, market is bear with minor potential to turning well in near term. On 25/08/2015, KLCI breaks below the 2nd support line given 1550 then rebounded immediate back to above 1550. Currently, market stay above 1600 for 2nd day.
By setting Fibonnaci retracement level, 0% set at 1745, 100% set at 1503. Currently, market trading near 50% level.
Immediate resistance for KLCI are 1650, then 1680. Immediate support for KLCI are 1600 and 1550.
Again 1600 will be a critical level for KLCI, failed to sustain above 1600 means market will continued the its downtrend again.
Currently, MACD showing positive direction but need be caution as still below 0 level.
However, RSI almost reached overbought region although market just rebounded for 4 days.
At the moment, market overall still in downtrend and current rebound with major potential to be ended soon.
Thank you for your reading.
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