FBMKLCI Chart & Summary (CIMB)

The FBMKLCI gapped up at the opening bell and pushed prices towards the resistance trend line of the triangle pattern. Looking at the chart, we think the bulls have the upper hand here. Prices are likely to inch past the resistance trend line today and head towards new highs in the coming days. 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 1,445 level, then another consolidation pattern is taking place.