Global Weekly Technical (Week 9-13 May, 16)

Standard & Poor 500

S&P500Points of interest:

  1. Resistance zone: 2,115-2,130
  2. Immediate support level: 2,042
  3. The index reached immediate support level, RSI continued to slope downward.
  4. Projection: Moving forward, the index will test its crucial support at current level, a break below current level may induce further bearishness.

Kuala Lumpur Composite Index

FBMKLCIPoints of interest:

  1. Resistance zone: 1,727-1,748
  2. Support zone: 1,625-1,642
  3. MA20 just crossed below MA50, indicating further bearishness. RSI continued to head south.
  4. Projection: The index is may testing supporting zone, RSI yet to dip enough to create a potential reversal.

Hang Seng Index

HSIPoints of interest:

  1. Resistance level: 22,338
  2. Virtual support level: 20,371
  3. A cross below 50-days moving average & the virtual support level may continue to drag the index, RSI fell sharply towards level close to oversold.
  4. Projection: The index performance may subdue as a break below support level will soften the index, unless it may quickly rebound above MA50.

Nikkei 225

NIKKEIPoints of interest:

  1. Resistance zone: 18,018-18,423
  2. Immediate resistance: 16,897
  3. Support level: 16,199
  4. 3-months support level is supporting the index, RSI showing sign of reversal.
  5. Projection: The index likely to experience quick rebound amid rebounding RSI.

Deutscher Aktienindex

DAXPoints of interest:

  1. Resistance zone: 10,199-10,344
  2. Support zone: 9,398-9,590
  3. Support level: 9,775
  4. RSI ticking for potential reversal, index is at support level.
  5. Projection: The 7-months support zone may continue to support the index over the medium term, moving this week, soft rebound is likely.

Gold Futures

GOLDPoints of interest:

  1. Resistance level: 1,299
  2. Support level: 1,240
  3. Uptrend continued while resistance level was not willing to let the futures to break above.
  4. Projection: Medium term range-bound to continue with steady support and resistance moving up gradually.

Crude Oil

CRUDE OILPoints of interest:

  1. Virtual resistance zone: 43.57-45.60
  2. Support zone: 40.37-41.86
  3. The index was trapped inside the virtual resistance level, which blocked the index from further upside.
  4. Projection: Crude oil likely to experience further upside moving forward, with RSI ticking strong enough to support the move.


USDMYRPoints of interest:

  1. Resistance level: 4.0300
  2. Support level: 3.8691
  3. The currency broke its 20-days & 50-days moving average consecutively, signalling strong upside to form soon.
  4. Projection: A cross above MA50 hints bullishness for the currency, upside likely to continue until the resistance level.

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


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