Technical view on KLCI:
At the end KLCI formed the number 2 price action.
KLCI recovered above the uptrend line and retested the major resistance level 1557 on 06 JULY 2020. KLCI managed to stay above the major resistance level for more than 3 days this can be considered as a real breakout. Furthermore, on 08 JULY 2020, KLCI formed a long body green body at the vertical blue line so this point can be assumed as the acceleration point for upward moving.
Up to date, KLCI in between Fibonacci Retracement Level 78.6% and 100%. KLCI almost recovered to the level prior to the big drop level due to health crisis. The immediately resistance level is 1617 while the immediate support level will be 1557.
Currently, MACD still stayed above zero level and also above the signal line so the upward momentum is there again. However, need to watch out where there is a bearish divergent between RSI and KLCI. If RSI formed higher which mean it need go above 80% which is a alarming signal again before market move down again.
The next turning point / acceleration point for KLCI is at 17 JULY 2020. Please watch out!
Technical view on DJIA:
On 09 JULY 2020, DJIA formed full red body doji candle at the blue vertical line, this can be a turning point for down movement plus the gap yet covered up by the market. DJIA might form number 3 price action plus it still below the trendline.
DJIA still 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%.
The momentum of DJIA for MACD is showing further weakness for up movement as MACD failed to cross the signal and the MACD histogram getting longer to the downside. Additionally, RSI is below 50% not a good sign as well.
The next turning point / acceleration point for DJIA is at 20 JULY 2020. Please watch out!
Remember to monitor the turning point / acceleration point closely.
Summary:
In short, KLCI has a bearish divergence while DJIA moving in a narrow range.
PLEASE WATCH OUT!!!
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