Technical view on KLCI:
Recently, KLCI moving up together with the global market indices.
Since 30 December 2019, KLCI moving down and broke the sideway support line at 1551 then move down steeply within 2 months time.
Yesterday 20 APR2020, MACD just managed to break above zero level to move into positive region. Unfortunately, today 21 APR 2020 at the mid day break of the market, the MACD crosses below zero again.
Recent market upward movement, we see it as a rebound instead of uptrend. There is a significant resistance level at 1560. Currently, KLCI is in between the Fibonacci Retracement level 38.2% and 61.8%. Next support level is at 1360.
The vertical blue line is the estimation turning point or acceleration point, when come near these date need to monitor closely. The date is 23 APR 2020, 2 days to go.
Technical view on DJIA:
After a big drop, DJIA moving up since 24 MAR 2020.
On last Friday 17 APR 2020, MACD reading go above zero which is a positive sign but market does not seem to be hold on the positive momentum.
Same view from above, we see this as a rebound instead of uptrend. There is significant resistance level at 27100.
At the moment, DJIA also still in the area between Fibonacci Retracement level 38.2% and 61.8%.
The vertical blue line is the estimation turning point or acceleration point, when come near these date need to monitor closely. The next date is 28 APR 2020, 7 days to go.
In short, market not yet uptrend. PLEASE WATCH OUT!!!
Thank you for your reading.
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