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Thursday, February 17, 2011

FBMKLCI Chart & Summary (CIMB)

Late buying support kept the FBMKLCI above the 1,500 psychological level. However, note that the candles are still trapped in a downward trajectory. More importantly it is below the 30-day and 50-day SMAs. Choppy trading is expected in the near term with sustainability being the key concern here. The 1,470 support trend line is the first defence while next downside target is seen at 1,445. On the flip side, resistance is seen at 1,526-1,534.

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