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Thursday, August 27, 2009
Technical view...
FBM KLCI : Stuck in a Rut
Ever since the 5-day MAV line that has been supporting the more than 100-pt rally was decisively
violated, we have not seen the market drop aggressively. From the above daily chart, we can see that
the market has not once dipped below the 5-day MAV line since bottoming out from the 50-day MAV
line. Instead, it had been trying to establish a new floor at above the 1,150 pt-level.
As we mentioned since last week, it still looks like the market could fall further from here to retest the
50-day MAV line. But as we also mentioned previously, we are sticking to our view that even if
the KLCI were to fall another 100 pts from the recent-high, the market’s uptrend would still be
fully intact. Hence, we maintain our bullish view on the near-term market.
From the current level, an immediate support still lies at the 1,135 pt-level. The next support levels
thereafter would be crucial, which are the 10-week MAV line, the 50-day MAV line and the 200-week
MAV line. These lines are located at the 1,136 pt-level, 1,126 pt-level and 1,105 pt-level respectively.
To the upside, initial resistance is seen at the 1,173 pt-level, followed by the 1,189 pt-level and the
1,200 pt-level.
Thursday, August 27, 2009
Technical view...
FBM KLCI : Stuck in a Rut
Ever since the 5-day MAV line that has been supporting the more than 100-pt rally was decisively
violated, we have not seen the market drop aggressively. From the above daily chart, we can see that
the market has not once dipped below the 5-day MAV line since bottoming out from the 50-day MAV
line. Instead, it had been trying to establish a new floor at above the 1,150 pt-level.
As we mentioned since last week, it still looks like the market could fall further from here to retest the
50-day MAV line. But as we also mentioned previously, we are sticking to our view that even if
the KLCI were to fall another 100 pts from the recent-high, the market’s uptrend would still be
fully intact. Hence, we maintain our bullish view on the near-term market.
From the current level, an immediate support still lies at the 1,135 pt-level. The next support levels
thereafter would be crucial, which are the 10-week MAV line, the 50-day MAV line and the 200-week
MAV line. These lines are located at the 1,136 pt-level, 1,126 pt-level and 1,105 pt-level respectively.
To the upside, initial resistance is seen at the 1,173 pt-level, followed by the 1,189 pt-level and the
1,200 pt-level.
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