The FBMKLCI is still trading within its downtrend channel and is below its key moving averages, suggesting that prices are still in a short term downtrend. Unless prices can close above the channel resistance at 1,513, we continue to expect lower prices ahead. This week, a retest of the neckline at 1,474 remains the preferred view. Breaking below the 1,474 levels would confirm the Head & Shoulders pattern, which would potentially send prices towards the 1,372 levels in the medium term. The 200-day SMA at 1,446 and the 1,427 levels are likely to be minor supports. The huge gap at 1,508-1,516 would likely act as a resistance in the near term.
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