Technical view on KLCI:
Recently, KLCI was testing the previous high in DEC 2019 but still not able to close above that level.
On 17 JULY 2020, market formed a long up candle at the blue vertical line (turning point) this is a good scenario for the market where the KLCI turned up.
However, KLCI still in between Fibonacci Retracement Level 78.6% and 100%. The immediately resistance level is 1617 while the immediate support level will be 1557.
Currently, MACD showed that KLCI might be in consolidate mode as the MACD and Signal Line so closed with each other. Additionally, we can see both MACD and RSI also formed bearish divergence which telling us upward momentum got weakness and might move down or move in sideway. To be clear about the market direction, please continue observe the price action.
The next turning point / acceleration point for KLCI is at 07 AUG 2020. This point might be the rebound point from the channel support line or the breakout point from the channel. Please watch out!
Technical view on DJIA:
For the past 1 to 2 weeks, DJIA retest the significant resistance level but we can see that the selling pressure stopping the market to go higher. While on 20 JULY 2020, DJIA formed a doji candle at the blue vertical line (turning point), the upward power seems like not strong enough to go higher as well.
DJIA still the same moving 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%.
When we zoom in the chart, we can see that RSI formed a bearish divergence this indicate the weakness of the bullish movement. On the other hand, MACD very close to the signal line which is no strong momentum for the moment.
The next turning point / acceleration point for DJIA is at 07 AUG 2020. This point might be the rebound point from the support line or the breakout point from support line. Please watch out!
Remember to monitor the turning point / acceleration point closely.
Summary:
In short, KLCI and DJIA moving in a narrow range.
PLEASE WATCH OUT!!!
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