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Friday, January 6, 2012

FBM KLCI >>> Reviews and Outlook 06 Jan 2012

Stocks staged rebound on mild bargain hunting interest on Thursday following two days of profit-taking correction which saw prices fall to more attractive levels. The KLCI recovered 10.21 points to close near session highs at 1,514.43, as gainers led losers 467 to 325 on steady trade totaling 1.67bn shares worth RM1.46bn.

Lower liners should bounce back on rotational buying interest, while selected blue chips which appear toppish need to consolidate and neutralize the overbought technical momentum before stabilizing.

Resistance remains at 1,529, the 76.4% Fibonacci Retracement (FR) of the 1,597 to 1,310 sell-off, next would be the 1,565/1,566 level, followed by the 18 Jan 2011 peak of 1,576, and ultimately the record high of 1,597 of 11 July. Immediate support stays at the previous 200-day moving average resistance, now leveling at 1,501, next will be at 1,488, the 61.8%FR followed by 1,474, the current 50-day moving average, and then the 100- day moving average which is now at 1,456.


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