KLCI ends down 0.5% at 993.30 on profit-taking in heavyweights. market likely to extend declines, test 990 as market consolidates last week's gains. The heavyweights-led rally to a high of 1000.06 failed to sustain its momentum as investors took their cues from weaker U.S. stocks (Friday) and rise in crude oil prices. Also notes double limit-down by Sugar Bun to intraday low MYR1.45 hurt retail sentiment, causing selldown in broader market.
Testing resistance 0.395. Target 0.42/0.49
For 6/11/2006 the closing price was 0.3850.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 0.43.
The projected lower bound is: 0.34.
CUT LOSS: 0.33
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