Market Outlook KLCI & DJIA, Date: 05/06/2020

Technical view on KLCI:

On 03 JUNE 2020, KLCI up with a strong green candle at the blue vertical line so at this point we can view it as acceleration point. As the result, yesterday KLCI close above the significant resistance level 1557.

Up to date, KLCI touched Fibonacci Retracement Level 78.6%.

At the moment, MACD still stayed above zero level momentum still positive.
However, got one thing need to watch out as yesterday the RSI level at 81% level, this is an alarming signal. We seldom see daily RSI go above 80% level better watch out.

Market might develop as below picture:

The next turning point / acceleration point is at 23 JUNE 2020.

Technical view on DJIA:

On 04 JUNE 2020 so called the turning point/acceleration point (the blue vertical line), DJIA formed a doji candle by yesterday.

Now DJIA within the range between Fibonacci Retracement Level 61.8% & 78.2%.

The significant resistance level for DJIA is at 27100 not yet broken.

The momentum of DJIA still in positive side as MACD is above zero level but the slope of MACD not as steep as when it below zero level.
RSI is near 70% level.

The next turning point / acceleration point for DJIA is at 23 JUNE 2020.

Remember to monitor the turning point / acceleration point closely.

Summary:

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.

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

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