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Thursday, March 3, 2011

FBMKLCI Chart & Summary (CIMB)

The FBMKLCI continued to trade lower within its wedge pattern. Until a breakout above the falling resistance trend line currently at 1,506, we would view that the market is heading lower. A downside break of 1,474 would be very bearish for the index, indicating a 3rd wave is underway. Prices could potentially fall to its 200-day SMA if the key support breaks. On the other hand, a push past the falling resistance trend line would mean that a stronger rebound is taking place and it could push on towards 1,520-1,540 levels. Continue to keep a close eye on the 1,474 and 1,506 key levels.

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