Tuesday, February 1, 2011
CIMB: 50-day SMA support for KCLI is under threat
50-day SMA support for KCLI is under threat. It was not a good week for KLCI. The
index went below the support trendline at 1,525pts and also the 50-day SMA at 1,522.
If we do not see a rebound above the 1,530-1,535 levels over the next two weeks, it
could indicate that a longer consolidation is kicking in for the Index. What was
previously the support trendline is now the resistance trendline, at 1,532pts.