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Thursday, February 24, 2011

FBMKLCI Chart & Summary (CIMB)

The FBMKLCI tried to make a comeback but momentum was too weak to carry prices above the resistance trend line. Again, with the candles staying below its key moving averages, sustainability will be a key concern here. We think it is wise for investors to go defensive. Looking at the chart, even a technical rebound would likely face strong resistance at the 1,529-1,537 levels, which represent the 50-day and 30-day SMAs. On the downside, key support levels for the Index are at 1,490, 1,475 and 1,445.

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