FBMKLCI Chart & Summary (CIMB)

As expected, prices traded range-bound yesterday. At this moment, it is still too early to guess which way the benchmark is heading to, as prices are likely to gyrate in a triangle. If this is the right count, then most probably it will continue to trade between 1,453 and 1,473 today. We do not expect a large move either way as its indicators are still in consolidation mode. A breakout above the 1,473 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 1,437 level, its 30-day SMA and 1,425.