FBMKLCI Chart & Summary (CIMB)

Prices consolidated in a sideways manner last week, with a chance of forming a triangle pattern. If this pattern is indeed taking place, we could expect more sideways movement between 1,453 and 1,474 in the upcoming weeks, followed by a bullish breakout to new highs. The upside gap of 1,490-1,505 has yet to be filled, suggesting that it could act as a magnet for prices in the near term. If prices can overcome this gap, then the benchmark could once again test the all time high of 1,524. On the other hand, if prices were to fall below the 1,453 level, then consolidation pattern is taking place.