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Monday, January 19, 2009

KLCI Technical Views / TENAGA

By Zhuge Liang

KLCI Technical Views

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Those who bought during the most critical breakout since the KLCI topped out at the 1524 pt-level on the first trading day of 2009 may start to feel uncomfortable now. We had the same feeling too on our bullish view towards the near-term market as the key index retraced to the breakout point, or the 50-day MAV line yesterday. What seemed to be a healthy consolidation phase is starting to look
dangerous after recent sharp pullback.

A dip below the 50-day MAV line will shift recent bullish bias view towards the near-term market to neutral
. Then, we will see if it was the perfect bear trap. At least for now, the KLC is still confined within the safety zone ranging from the 50-day MAV line to the 100-day MAV line.

From the current level, continue to look for an immediate resistance at the100-day MAV line, which is now lying at the 945 pt-level. To the downside, an initial support is still seen at the 900/901 pt-level followed by the 50-day MAV line, which is now situated at the 876 pt-level.


TENAGA (5347)

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In case Tenaga’s share price is going to retrace further from the current level, we would like to highlight here that an immediate critical support is seen at the RM5.80 level. A dip below the RM5.80 level will likely see its share price retracing to the RM5.30 level. Also, a breakdown from the
RM5.30 level is expected to cause another round of significant technical damage to the stock. From the current level, look for an immediate resistance at the RM6.35 level followed by the RM6.85 level.

Note that Tenaga is expected to continue trending down until the mid-term downtrend line is violated.

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