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Tuesday, June 7, 2011

FBMKLCI Chart & Summary (CIMB)

The FBMKLCI was in a consolidation mode yesterday with prices held on steadily above the 1,550 psychological level. Today, we expect a slightly deeper correction which would likely push prices below the 1,550 level. The following support levels are 1,541 and 1,525. As long as the 30-day SMA holds, we think there is still room for one more upleg. After this consolidation, prices would likely to scale higher towards its 1,565 and 1,576 resistances soon. We think a new all time high is still within reach.

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