FBMKLCI Chart & Summary

Prices rebounded strongly yesterday, making the recent correction look like a three. A move above 1,343 would confirm that it was only a correction and prices are heading higher above the 1,347 levels, likely towards 1,360 next. As 1,343 is still intact, there is still a chance that prices could continue to head lower with a 1-2,1- 2 bearish count or a more complex corrective pattern. Today’s prices movement is likely to be crucial in determining the near term direction of the market. Support is seen at 1,320 followed by the gap at 1,305-1,307. The trend line at 1,352 is the immediate resistance.