Global Weekly Technical (Week 2-6 May, 16)

Standard & Poor 500

S&P500

Points of interest:

  1. Resistance zone: 2,115-2,130
  2. Immediate support level: 2,042
  3. RSI sloped downward, while the index remains in bullish mode.
  4. Projection: The index expect to come under pressure, as RSI is clear to diverge from the index bullish trend.

Kuala Lumpur Composite Index

KLCI.pngPoints of interest:

  1. Resistance zone: 1,727-1,748
  2. Support zone: 1,625-1,642
  3. RSI crashed to the bottom, index experienced sharp selloff as well.
  4. Projection: Technically broke its support level, further downside can be seemed as selling pressure intensify.

Hang Seng Index

HSIPoints of interest:

  1. Resistance level: 22,338
  2. Support level: 20,457
  3. The index is still above medium term support level, but may be capped by its strong resistance level.
  4. Projection: RSI expects to trend down, which at the same time carry down the index.

Nikkei 225

NIKKEIPoints of interest:

  1. Resistance zone: 18,018-18,423
  2. Immediate resistance: 16,897
  3. Support level: 16,127
  4. The index nicely met its medium term support level.
  5. Projection: The support formed crucial level to identify the index next move, and any reversal will quickly be capped at immediate resistance level.

Deutscher Aktienindex

DAXPoints of interest:

  1. Resistance zone: 10,199-10,344
  2. Support zone: 9,398-9,590
  3. DAX is technically supported by its short term supporting trend now, RSI remains strong and move in tandem with the index.
  4. Projection: Minor retracement offers the index to continue its upside momentum if it manages to break above its resistance zone.

Gold Futures

GoldPoints of interest:

  1. Resistance level: 1,293
  2. Support level: 1,234-1,248
  3. Gold is trending along its medium term bullish channel now.
  4. Projection: Bullish channel offers the futures steady upside, but it may be hard for the futures to break further away from the channel.

Crude Oil

Crude oilPoints of interest:

  1. Virtual resistance zone: 43.57-45.60
  2. Support zone: 40.37-41.86
  3. The resistance zone remains strong as Crude oil hardly broke further from the zone.
  4. Projection: Crude oil is still flirting with the resistance level, if the upside cannot persist, it may loss out its momentum soon.

USDMYR

USDMYRPoints of interest:

  1. Resistance level: 3.9114
  2. Support level: 3.8691
  3. The currency is indecisive at the moment as upside seems capped by the resistance level.
  4. Projection: Consolidation may well be continued until the currency breaks its resistance level, which can invite further upside.

Disclaimer: Recommendation solely based on reliable sources and updates. It neither represents the interest nor the standpoints of any parties.

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