A Fibonacci analysis on the fall reveals an immediate target at 3,004 ringgit, the 38.2 percent level.

But strategically, the rise to 3,004 ringgit will not make much sense in that it is still considered a rebound, and the disappointing part is a weak rebound may also stop around 2,980 ringgit.

A fall below 2,917 ringgit will confirm the resumption of a preceding medium-term downtrend.

Copyright Reuters, 2011