Since Nov, Malaysia’s KLCI has been trading sideways, possibly in a triangle formation consolidation. Look for a breakout in either direction for its next medium-term trend, but more likely upwards. The main support levels remain the 50-day SMA at 1,254 and 1,261pts, the 61.8% Fibonacci retracement of the 1,524-836pt 2007-09 downtrend.
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