Market Outlook KLCI & DJIA, Date: 20/05/2020

Technical view on KLCI:

Again market reacted with the turning point/acceleration point (the blue vertical line) that I mentioned in last sharing 19 MAY 2020. We can see that market formed small candle continuously for 4 days until yesterday but still not yet break recent new resistance level at 1430.

Up to date, KLCI still moving within the area between Fibonacci Retracement Level 38.2% & 61.8%.

At the moment, MACD still stayed above zero level while RSI also above 50 level. Overall momentum still positive.

However if market do not break and stayed above the 1430 level, we might find a bearish divergent between the market and RSI. (Watch out signal)

The next turning point / acceleration point is at 05 JUNE 2020.

Technical view on DJIA:

On 19 MAY 2020 so called the turning point/acceleration point (the blue vertical line), DJIA formed a insider bar day.

DJIA also the same still within the range between Fibonacci Retracement Level 38.2% & 61.8%.
We can see that there is a new resistance level around 24800 level.

The momentum of DJIA still in positive side as MACD is above zero level and RSI is above 50 level.
However, RSI showing weakness with the forming of lower high.

The next turning point / acceleration point for DJIA is at 04 JUNE 2020, 11 trading days to go.

Remember to monitor the turning point / acceleration point closely.

In short, the significant resistance level not yet broken so don't be too optimistic.

Our view still the same, market not yet uptrend. PLEASE WATCH OUT!!!

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