FBMKLCI Chart & Summary (CIMB)

The FBMKLCI had a good run in 2010, closing 19% higher yoy. Looking at the daily chart, the candles have surpassed the triangle resistance. This would mean that the market is still poised for another upleg in early 2011, possibly towards the 1,560-1,570 levels in the coming weeks if not days. Near term prospect remains cautiously optimistic and this is reflected by the compelling technical landscape. MACD is still rising and RSI is above the 50pts mark. On the downside, a break below the 1,493 level would likely see prices falling towards 1,474 and 1,440 next.