FBMKLCI Chart & Summary (CIMB)

Prices appear to be caught in no man’s land, trading in a sideways manner. It could be forming a triangle and if it is, then it is likely to trade between 1,453 and 1,474 today. We do not expect a large move either way as its indicators are still in consolidation mode. A breakout above the 1,474 level would likely suggest that the consolidation is over and prices could head towards the 1,490-1,505 levels to close the gap. On the other hand, a drop below the 1,453 level would suggest that a deeper correction is taking place with support seen around the 1,433 level, its 30-day SMA and 1,425.