KUALA LUMPUR: CIMB Research said the late selldown dragged the FBM KLCI below the 1,320-point level. The fall also violated the triangle support and this could entice greater selling pressure on Wednesday, June 30.
'It appears that a deeper consolidation could kick in soon, particularly if the 50-day SMA at 1,315 points gives way. A break below this level would suggest that the rebound from the 27th May low has ended. Next important supports are its 200-day SMA (1,282 points) and 1,243 points support,' it said in a report.
CIMB Research said the 1,300-point psychological level could also provide some cushion to this downfall, but the research house doubts it can keep the market from falling further. On the upside, 1,335 points is its immediate resistance, it said.
'It appears that a deeper consolidation could kick in soon, particularly if the 50-day SMA at 1,315 points gives way. A break below this level would suggest that the rebound from the 27th May low has ended. Next important supports are its 200-day SMA (1,282 points) and 1,243 points support,' it said in a report.
CIMB Research said the 1,300-point psychological level could also provide some cushion to this downfall, but the research house doubts it can keep the market from falling further. On the upside, 1,335 points is its immediate resistance, it said.
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