Thursday, March 3, 2011
FBMKLCI Futures - 3 Mar 2011
The close above just above opening high was likely enough to keep bias up and a close above 1494 resistance, also Monday's high, should keep bias intact.
Thereafter, expect selling at psychological 1500 and then 1505, the 61.8% retracement of recent fall. Furter up, the prior high of 1518 may also keep a lid on price.
Support is still 1480, the support level of the past 3 weeks and then a stronger one at Nov low of 1470.
The longer term trend is neutral to up.
Sentiment stayed weak as futures was at discount to cash.
The 21 day moving average is now at 1509.
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