Technical view on KLCI:
29 JULY 2020, KLCI retested the previous high in DEC 2019 but still not able to close above that level.
Last Friday 07 AUG 2020, KLCI formed a red candle at the blue vertical line (turning point), this is not good for bullish movement.
Currently, 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.
At the moment, MACD is below signal line which was a bearish signal. Additionally, we can see RSI continued to form low higher when market retesting the resistance level. This is not a good sign for bullish momentum but market still moving sideway so continue observe the price action.
The next turning point / acceleration point for KLCI is at 13 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:
On 07 AUG 2020 Friday, DJIA successfully to stand above the significant level 27100 for the 3rd day plus formed a bull candle at the blue vertical line which can be the acceleration point for bullish movement.
Now, DJIA is within the range between Fibonacci Retracement Level 78.2% & 100.0%.
The significant resistance level 27100 became a new immediate support for DJIA while the next resistance level is the gap which are 28400 and 28900.
On the other hand, oscillator also showing bullish signal. RSI is forming higher high and MACD is above the signal line which is a bullish signal.
The bullishness of price action matching with oscillator is a good sign.
The next turning point / acceleration point for DJIA is at 13 AUG 2020. Please watch out!
Remember to monitor the turning point / acceleration point closely.
Summary:
In short, KLCI still moving in a narrow range while DJIA trying to go higher.
PLEASE WATCH OUT!!!
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