After surging to its early May 2010 high of 1350, the benchmark FBMKLCI appears to be lethargic. The FBMKLCI may face the risk of a short-term pull-back in the coming weeks as it fails to trade back above the 20-day moving average. The MACD trend indicator continues to trend downwards and the Stochastic oscillator remains below the 50% level. Observations from these indicators suggest the absence of upside momentum. Be on the lookout for the immediate support at 1307 and failure to hold at this level may spark a bout of sell-off towards the next support at 1292. On the upside, a break above the immediate resistance at 1337 may see a further upside push to re-test the early May 2010 high of 1350. Only a clear break above the 1350 level may see the KLCI resuming its uptrend to target the next resistance at 1380.