FBMKLCI Chart & Summary (CIMB)

The FBMKLCI continued on its fall yesterday but some late bargain hunting kept prices off its intra-day lows. It also rebounded off its 30-day SMA at 1,321. For today, we believe the index may rebound a tad before continuing on its consolidation. Support is at 1,320 and the 1,305-1,307 gap. On its upside, resistance is at 1,352 (the resistance trend line) and 1,360. Note that the Mar 08 gap of 1,344-1,354 has only been partially ‘filled’, hence could still act as a magnet for prices in the medium term. Although both its indicators are still bearish, we still cannot totally ignore that the rally from Feb is not over yet.