KLCI index is painting a “Bearish” picture.
The ADX is increasing and is above 20 level which shows a strong trend is developing. The –DI is greater than the +DI by a great margin, indicating a Bearish trend.
The MACD is below its signal line, another evidence of a Bearish market.
RSI is less than 30 indicating that the market is oversold. However an oversold market doesn’t mean that market will rebound strongly.
It is not advisable to trade the market from the long side given the bearish picture.
The ADX is increasing and is above 20 level which shows a strong trend is developing. The –DI is greater than the +DI by a great margin, indicating a Bearish trend.
The MACD is below its signal line, another evidence of a Bearish market.
RSI is less than 30 indicating that the market is oversold. However an oversold market doesn’t mean that market will rebound strongly.
It is not advisable to trade the market from the long side given the bearish picture.
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