Technical view on KLCI:
From my previous sharing, after 3 up waves market moving downtrend but still in sideway zone. At the moment, the condition still remained. Market still support above 1595 on 21/01/2016. However, downtrend expanding channel formed and we can see greater volatility.
By setting Fibonacci retracement level, 0% set at 1744, 100% set at 1504, we can see KLCI moving between Fibonacci 23.6% (1687) and 61.8% (1595).
Immediate resistance for KLCI are 1687 then 1700. Immediate support for KLCI is Fibonacci 50% (1624) then Fibonacci 61.8% (1595).
Currently, MACD showing flat trend.
Moreover, RSI going upward but yet breach bought region.
At the moment, market remained sideway but in near term likely to test the channel upper line again.
Thank you for your reading.
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