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Friday, December 17, 2010

FBMKLCI Chart & Summary (CIMB)

Prices took out both its 30-day and 50-day SMA in one swift motion yesterday. There was also a pick up in trading volume on a down day, which suggests that selling pressure is picking up. The key support level of 1,496 needs to hold or else another bout of selling could take place. Breaching the support would likely send prices reeling towards the 1,474 and 1,440 support levels. We are now neutral on the market now but we are keeping a watchful eye on the key support.

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