We are overall fairly bearish on the index although the immediate rebound is likely not over. The FBMKLCI violated its support trend line of the uptrend channel two days ago and remained below this resistance yesterday. Prices could test the 30-day SMA today and failure to break above it would likely see another round of selling set in. 1,540 is also the 50% Fibonacci retracement level for the whole fall from 1,576 and that could also attract prices towards it.
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