Technical view on KLCI:
From my previous sharing, market overall still in downtrend and current rebound with major potential to be ended soon. On 01/09/2015, KLCI rebound ended up more than 40 points to break 1650 immediate resistance then closed near day low. Currently, market stay below 1600.
By setting Fibonnaci retracement level, 0% set at 1744, 100% set at 1503. Currently, market trading near 61.80% level.
Immediate resistance for KLCI are 1600, then 1650. Immediate support for KLCI is 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 no longer showing positive direction and still below 0 level.
Moreover, RSI going downwards again.
At the moment, market overall still in downtrend and with major potential to move flat or continue the downtrend again.
Thank you for your reading.
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