KLCI
Daily chart analysis
Simply looking at price action, it is trading in between the fiboret 38.2% at 1725 and fiboret 61.8% at 1704. This level currently act as its support n resistance level.
Looking at all the indicators, macd, rsi stochastic n ema. All indicators are bearish.
Breaking down all the indicators. Stochastic usually will give the 1st signal, current although stochastic is moving upward, it is yet to break the 1st signal level of 20 as it is currently closed at only 15.
Same as the RSI, its making a higher high n higher low pattern. But currently only at 31.9 n still far below the 50level (signal)
MACD, yet to crossover, but the gap is thinning as we can c from the histogram level, sadly, both macd n signal line are still pointing down.
EMA is still bearish, n both still poiting down.
Price action regards to all indicators especially the EMA, its still trading below the EMA.
Chart pattern. Looking closely at recent price action making a new higher high n new lower low, suggest that price might b forming a megaphone bottom pattern. This is a bullish reversal pattern. If price breakout from its resistance at previous high 1724 n manage to close above 1725. It mean price action will breakout from pattern level n breakout from its resistance.
Opinion
From the indicators perspective, there is still no clear signal of bottom n reversal. But, if the price really goin to form a megaphone bottom, price will need move up higher n break the resistance level 1724/1726.
External factor that might effect the KLCI to move higher will b the rising of WTI n Brent, DJI.
Current Strength in ringgit will push foreign from klse unless there is evidence that usd is weakening further n ringgit to strengthen further to rm 3.80/3.20.
KLCI
Target immediate at 1725/1733/1751
Support at 1704/1675
Tq
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