FBMKLCI Chart & Summary (CIMB)

The FBMKLCI failed to hold onto its early gains as selling pressure intensified. The benchmark broke below the 1,465 support and this is a concern to us. The breakdown suggests that the 1,480 high is likely its near term peak. If prices fail to bounce back soon, the index will likely test the 1,450 level in days to come, with 1,425 being the next target. Keeps an eye on the 30-day SMA as this line has never being violated since mid July. Resistance wise, the 1,480 level is still the target to beat, followed by the 1,490-1,505 gap.