KLCI

KLCI direction

Long term
KLCI continues to be negative.

Short term
Trading range within the 1210-1245 trading
band. Ability of the daily KLCI to move
beyond its trendline resistance may see a
technical rebound until June month end.

Action last week
The KLCI continued to trend lower throughout lastweek except for Friday when it moved 3.81 pointshigher.
Week-on-week, the index dropped 19.22points or 1.54%.

Technical look
The index is below both its 30-day and 50-day simple
moving averages of 1266 and 1263 respectively.
Indicator wise, its daily RSI is below the trendline
Resistance while its daily MACD is flattish.
The weekly chart shows that the index is still
trending south following the failed attempt to break
the support-turned-resistance neckline, currently at
1320 level. Support is pegged at the 1185 level.
Indicator wise, both its weekly RSI and MACD are still weak.

Inter market relationship
Over on Wall Street, djia rebounded by 97.54 points or 0.80% last
week after tumbling 3.39% the previous week. It is
still below its 5½-year trendline at 12,450 on its
weekly chart. Immediate resistance is at the current
level while strong resistance is at the 12,650 level.
Immediate support us at 11,850. Daily technical
indicators suggest the possibility of a technical
rebound but the 12,450-12,650 levels are strong resistance.

Conclusion
To conclude, the medium-term trend of the KLCI
continues to be negative. Near-term wise, it is
trapped within the 1210-1245 trading band. Ability of
the daily KLCI to move beyond its trendline
resistance may see a technical rebound until June.

paremeter to watch

klci now: 1,229
Immediate resistance: 1250
Strong resistance: 1320
Immediate support: 1210 /1180

I am waiting for 1,050 ( itu pun kalo jadi )