From my previous sharing,market overall still in downtrend and moving sideway. On 08/10/2015, KLCI break above 2nd immediate resistance 1687 but failed to reach significant resistance level 1732 and 1744. After testing 1700 level for 12 days, market failed to sustain above 1700.
By setting Fibonacci retracement level, 0% set at 1744, 100% set at 1503, we can see KLCI drop back into the zone between Fibonacci 23.6% (1687) and 38.2% (1652)
Immediate resistance for KLCI are 1687 then 1700, next 1732. Immediate support for KLCI is Fibonacci 50% (1624) then Fibonacci 61.8% (1595).
Currently, MACD showing negative direction with bearish crossover.
Moreover, RSI going downward and heading to oversold region.
At the moment, after 3 up waves market moving downtrend but still in sideway zone.
Thank you for your reading.
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