From my previous sharing,market overall still in downtrend and with major potential to move flat or continue the downtrend again. On 17/09/2015, KLCI form a short term higher high after break 1600 and 1650. Market failed to sustained above 1650 and dropped below 1650 on 21/09/2015. Market now testing 1600 level. While, we can see KLCI found a trading zone between Fibonacci 23.6% (1687) and 78.6% (1554).
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 1650, then 1687. Immediate support for KLCI is 1600, next 1554.
Currently, MACD showing negative direction and below 0 level.
Moreover, RSI going downward and heading to oversold region.
At the moment, market overall trend still downtrend and moving sideway.
Thank you for your reading.
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