Based on the chart, it is still unclear where our KLCI is heading to? If we based on the chart it might be moving up and down with limited downside. No doubt the MACD Histogram shows some red, still it is not strong enough to determine that the KLCI might be going down further.
With the Ringgit still keep on falling to a new low, the KLCI might be facing very big hurdle to overcome any selling pressure. Next support will be at 1,567 point. If the index break that point, we might see some fresh selling towards 1,500 points.
Lately we can see there are so many countries started to write up more articles about Malaysia's politics and Najib Razak. This morning Sydney Morning Herald wrote that Najib "risks becoming an international pariah" because of the scandals involving the RM2.6 billion in his personal bank accounts and the debt-ridden 1Malaysia Development Bhd (1MDB) surrounding him.