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Thursday, October 29, 2009

Further weakness is expected for FBM KLCI


KL stocks were on a weaker note yesterday with FBM KLCI declined 11.25 points, or -0.89% to close at 1249.05, dragged down by key heavyweights. CIMB -0.34 @12.44, MAYBANK -0.09 @6.75, GENTING -0.19 @7.31, and IOICORP -0.09 @5.43. The benchmark index was on the negative territory most of the day and closed almost near the low of the day. Losers led gainers by 460 to 201 while 245 counters were traded unchanged. Turnover was lower at 939.326 million shares.

The KLCI opened on Wednesday with down gap of -4.04 points, and continued to trade lower throughout the day forming a bearish black candlestick. With a close below the 1250 psychological mark and below the short term 10-days moving average, the index has turned bearish for the short term. MACD has just cross below its EMA with the histogram turning negative now. RSI continue to slide lower, and Stochastic has also cross below the 80 mark confirming the short term down trend. With all these negative indications, more downside of the index is expected ahead.

Today, the index is expected to trade within the range of 1238-1256, with immediate support at 1246, 1243 and 1238.

This week's expected range: 1244 – 1285
Today's expected range: 1238 – 1256

Resistance: 1251, 1256, 1259
Support: 1238, 1243, 1246

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