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Tuesday, March 1, 2011

FBMKLCI Chart & Summary (CIMB)

The FBMKLCI is still trapped in a downward trajectory but a temporary low could have been formed, likely at the 1,474 level, which is also the November’s low. Trading is likely to stay choppy in the near term as market may retest this support level. Meanwhile, the downtrend channel support is at 1,462. Breaking these two levels would likely push prices towards its 200-day SMA at 1,432. Otherwise, there is a fair chance for a technical rebound today, possibly towards the 1,500 psychological level before inching towards 1,520-1,540 levels.

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