The FBMKLCI tested the downtrend channel resistance yesterday but failed to breakout. Just as we mentioned, it only managed to partially close the 1,508-1,516 gap, suggesting that there are strong sellers around the upper end of the gap. We remain bearish on the index as prices are still trapped within its downtrend channel as well as the potential H&S pattern. A test of 1,474 is still the more likely destination in the short to medium term. We expect prices to fall below the 1,500 levels soon.
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