KLCI should see some strength today. The question is whether we will see a more sustain move or just a one day wonder.
MACD is still showing a bullish sign with the indicator above its 9 day signal line.
RSI is ticking up but is still below the 50 level. If it is able to get above 50 level, it will be bullish. The RSI indicator has not been above to clear the 50 level in all previous attempts and the last time the indicator was above 50 was in July 08.
The –DI is still above +DI which indicates a weak market. However, the ADX has come down as well. This means that we are not likely to experience the severe down move that we saw in the past 2 months.
The index was able to hold on to the 61.8% Fibonacci retracement level last week. If this support holds, there will be chance for the index to test 926.
MACD is still showing a bullish sign with the indicator above its 9 day signal line.
RSI is ticking up but is still below the 50 level. If it is able to get above 50 level, it will be bullish. The RSI indicator has not been above to clear the 50 level in all previous attempts and the last time the indicator was above 50 was in July 08.
The –DI is still above +DI which indicates a weak market. However, the ADX has come down as well. This means that we are not likely to experience the severe down move that we saw in the past 2 months.
The index was able to hold on to the 61.8% Fibonacci retracement level last week. If this support holds, there will be chance for the index to test 926.
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