The FBMKLCI continued to trade at the underside of the diagonal triangle currently at 1,510-1,512. Weak follow through momentum prompted traders to be more cautious as the 30-day SMA support looks fragile (at 1,500). We are also concerned about the potential downside for the index once the 1,500 gives way.
If this happens, then the 50-day SMA at 1,485 and possibly the recent swing lows of 1,477 and 1,445 will be the next targets. However, there is still a possibility that prices could still move higher over the next few days towards the 1,512-1,513 gap.
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