Technical view on KLCI:
From my previous sharing, overall market still flat as it within the range 1503 to 1744 with bearish divergent. On 26/04/2016, market broke below the support level 1708 and dropped steeply. On 04/05/2016, market broke another support line 1672 and the same time breaks below the trend line.
Currently, MACD still showing negative momentum, we should keep the signal in check.
Additionally, market now might having a short term bullish divergent where the index formed lower low but MACD formed a higher lower. This can be rebound signal.
At the moment, market likely to rebound and retest 1672 resistance level.
Overall market in downtrend but still flat as it within the range 1503 to 1744.
Thank you for your reading.
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