After declining about 38 percent from the high created on 19.10.2015 (1,727.71 point) to a low on 16.11.2015 (1,644.29 point) based on Fibonacci Retracement reading, we might see a rebound after the KLCI manage to show more strength. Indeed the first hurdle that the KLCI must cross is the resistance at 1,697.00 point.
If this resistance can be taken out we might see a continuing of up trend but if the index fall below 1,644.00 point there might be heading to 1,617.00 points.
No doubt the MACD still in selling signal but today MACD Histogram start to flash Green colour suggesting that the KLCI is gaining strength but the weekly Histogram still in Red colour.
From observation in the futures trade we can see that these two days whenever the futures FBMKLCI open at low in the morning session it will close higher in the evening trade however the trend still need to depends on how the Dow Jones Industrial Average is doing.
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