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Tuesday, February 22, 2011

FBMKLCI Chart & Summary (CIMB)

The FBMKLCI broke above its short term resistance trend line yesterday. While this is likely to be positive, the longer term trend still hinges on its ability to pierce through the key moving averages, which is now at 1,528-1,540. Looking at the chart, it appears that these resistances could be tested today. Our concern remains its sustainability. Traders should continue to adopt tight stop loss strategy as market is likely to stay choppy. On the downside, key support levels for the Index are at 1,490, 1,475 and 1,445.

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