Technical view on KLCI:
Look like the market got high chance to formed the outcome 3 as below picture (posted 05/06/2020):
On 23 JUNE 2020, KLCI which already in down movement for few days plus formed a red candle at the blue vertical line can considered this point to be an acceleration point for the down move instead of turning point.
Up to date, KLCI in between Fibonacci Retracement Level 78.6% and 61.8%. The next support level would be the 61.8% level and further supported I plotted at above chart as well can take a look while the main significant resistance level still remained intact at 1557 level.
At the moment, MACD still stayed above zero level but MACD is below the signal line need to watch out as the up movement momentum showed weakness. Besides, I warned about above RSI at 81% on my last post, seems like this market do retraced after that extreme overbought level, at the moment RSI still above 50 level if below that then up movement momentum further deteriorate.
The next turning point / acceleration point is at 09 JULY 2020. Please watch out!
Technical view on DJIA:
On 23 JUNE 2020, DJIA formed a doji candle and followed by a long body down candle this could be an acceleration point as well for down movement plus the gap not yet being covered up by the market.
Now DJIA within the range between Fibonacci Retracement Level 61.8% & 78.2%.
The significant resistance level for DJIA is at 27100 still remained intact and next support level at 61.8%. There are 2 more support levels that I projected, you can take a notice on that as well.
The momentum of DJIA for MACD is showing weakness for up movement as well since MACD below the signal line. However, RSI is below 50% not a good sign.
The next turning point / acceleration point for DJIA is at 09 JULY 2020. Please watch out!
Remember to monitor the turning point / acceleration point closely.
Summary:
In short, both KLCI and DJI also showing weakness for up movement.
We can also see both market also broken the red trend-line.
Our view still the same, market not yet uptrend. PLEASE WATCH OUT!!!
Previous Summary on 05 JUNE 2020 (for review):
For KLCI, technical outlook is changing as it testing the significant level but still need a good price action to sustain able that level.
On the other side, DJIA not yet retest the significant resistance level so the technical outlook still remain the same.
Like US on Facebook if you like my sharing and share it with your friends and families as well:
https://www.facebook.com/MasketeerTafaInvest/
WHEN OUR FB PAGE REACH 2000 LIKES I WILL START POSTING STOCK TECHNICAL ANALYSIS.
Join our Telegram Channel:
https://t.me/MasketeerTafaInvest
Thank you for your reading.
Have a nice day.
Disclaimer:
All posts and documents submitted by the Admin in this blog are solely for open discussion and education purposes only. All recommendations and opinion provided by the Admin are solely for your consideration only and you should exercise your own judgement in forming your own investment decision(s). Please also be informed that all kind of investments have risks and we recommend you to conduct sufficient searches for information in addition to referring our recommendations and/or opinion herein, prior to making any investment decision.
You should take full responsibility of your investment decision(s) and we accept no liability whatsoever for any direct or consequential loss arising from any use of our recommendations and/or opinion provided herein or any solicitations of an offer to buy or sell any securities. Comments and opinions forwarded/shared/provided by members/followers/readers of this blog do not belong to Admin and we take no responsibility of such.
You should take full responsibility of your investment decision(s) and we accept no liability whatsoever for any direct or consequential loss arising from any use of our recommendations and/or opinion provided herein or any solicitations of an offer to buy or sell any securities. Comments and opinions forwarded/shared/provided by members/followers/readers of this blog do not belong to Admin and we take no responsibility of such.