Market Outlook KLCI & DJIA, Date 01/09/2020

Technical view on KLCI:

On 12 AUG 2020, KLCI  formed a green candle at the acceleration point / turning point which is a good sign but KLCI still broken the major support level at 1557 on last week which was not a very good signal.

Fortunately, last Friday 28 AUG 2020 KLCI formed a long down candle but yet broken the trend channel that i showed in 26 JULY 2020 post.

Currently, KLCI still in between Fibonacci Retracement Level 61.8% and 78.6%. The immediately resistance level is 1617 while the immediate support level will be 1510 and 1480.

MACD moved into the bearish momentum region since last week and RSI also keep moving down.  

The next turning point / acceleration point for KLCI is at 25 SEP 2020. 

Technical view on DJIA:

On 13 AUG 2020, DJIA formed a doji at the acceleration point / turning point after reached the upper line for the trend channel then continued retrace for few days before up again. Last Friday 28 AUG 2020, DJIA reached the upper line again. Currently, DJIA try to closed the gap in FEB 2020 so it need to break above the trend channel to do so.

DJIA still moving in the Fibonacci Retracement Level 78.2% & 100.0%. New immediate support for DJIA is 28400 while the next resistance level is 28900 and the significant resistance level still the same 27100.

RSI and MACD are bullish as they formed higher high which is a good sign for DJIA to move up to close the gap.

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

Summary:
KLCI in bearish movement while DJIA in bullish momentum. 

PLEASE WATCH OUT!!!

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