FBMKLCI Chart & Summary (CIMB)

The FBMKLCI was spooked by a late selldown but prices continue to consolidate in a sideways manner. Looking at the chart, there is still a possibility that a triangle pattern is in the making. If this is the right count, prices will likely gyrate between 1,453 and 1,474 in the coming days, before a bullish breakout to new highs would take place. 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. On the other hand, if prices were to fall below the 1,453 level, then consolidation pattern is taking place.