Global Weekly Technical (Week 16-20 May, 16)

Standard & Poor 500

S&P500Points of interest:

  1. Resistance zone: 2,115-2,130
  2. Immediate support level: 2,042
  3. RSI continued to trend downward, but index is clearly supported at its 1 year support level.
  4. Projection: Weakness is shown when the index was trying to continue its path towards resistance zone. Further, RSI kept diverging against the trend.

Kuala Lumpur Composite Index

KLCIPoints of interest:

  1. Resistance zone: 1,727-1,748
  2. Support zone: 1,625-1,642
  3. The index is cruising within the supporting zone, RSI continued to dive amid of slews of negative news from local front.
  4. Projection: Moving forward, the index shall experience consolidation unless it breaks above or below the supporting zone.

Hang Seng Index

HSIPoints of interest:

  1. Resistance level: 21,408
  2. Support level: 19,597
  3. HSI crossed below MA50 and experienced immediate down trend.
  4. Projection: Reaching the support level shall render the index chance for technical reversal.

Nikkei 225

NIKKEIPoints of interest:

  1. Immediate resistance: 16,905
  2. Long term resistance: 18,600
  3. Support level: 16,295
  4. The index is flirting around MA50, support can be seen at current level.
  5. Projection: Overall projection still remain weak, but RSI shall continue to trend up in medium term.

Deutscher Aktienindex

DAXPoints of interest:

  1. Resistance zone: 10,199-10,344
  2. Support zone: 9,398-9,590
  3. The index is trending between its 8-months resistance zone and 7-months support level.
  4. Projection: Range-bound may remain in action, but the index is moving up along its short term bullish trend.

Gold Futures

GOLDPoints of interest:

  1. Resistance level: 1,303
  2. Support level: 1,244
  3. Range-bound still in action, MA50 provides strong support for the futures.
  4. Projection: Gold is expected to rebound when it approaches MA50.

Crude Oil

CRUDE OILPoints of interest:

  1. Virtual resistance zone: 43.57-45.60
  2. Support zone: 40.37-41.86
  3. The index broke its virtual resistance zone, with RSI continued to head north.
  4. Projection: Crude oil likely to retest the resistance zone that it just broke before defining its next move.

USDMYR

USDMYRPoints of interest:

  1. Resistance level: 4.0300
  2. Support level: 3.8660
  3. Testing its immediate resistance level, with RSI remained strong.
  4. Projection: Bullishness of the currency shall continue as long as it is able to sustain above MA50.

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

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s