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Top pick for the day - Malaysia’s FBMKLCI

Shared By Stock Fanatic on Wednesday, June 10, 2015 | 10.6.15

Will it bounce or not?

There seems to be no floor for Malaysia’s FBMKLCI since it failed to move back above its 50-day SMA in May

When will the downtrend end? 

We believe the recent failure to bounce despite the oversold RSI suggests that selling intensity is still strong. The next leg down could potentially reach the 1.618x of the April-May fall first (at 1,712) before a rebound kicks in. 

That is also where the 1,706-1,714 support band lies, where the latter is the 78.6%FR of the Dec-May rally. 

Longer term, we may see a retest of the 1,671 support while the key long term support at 1,660 needs to hold. 

If a rebound does occur from current levels or close to current levels, then look for it to bounce higher to test 1,759 next. 

The 1,770-1,780 would also be a tough resistance to crack

The odds continue to favour lower prices in the short term. (Read Report)

Source : CIMB Research

Posted on Wednesday, June 10, 2015 | 10.6.15
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