While blue chips extended sideways trade on Wednesday, the healthcare sector surged 9.6% led by rubber glove stocks on demand optimism after the US hiked tariffs on China's healthcare and glove products to 25%. The FBM KLCI dipped 2.65 points to end at the day's low of 1,603.23, off an early high of 1,607.64, as losers edged gainers 579 to 574 on very robust trade totalling 6.2bn shares worth RM4.67bn.
The broader market should stay range bound as investors assess key US consumer inflation data for the likely interest rate trend, while trading momentum focus on rubber glove and healthcare related stocks, which should be choppy after recent sharp gains. Immediate resistance for the index stays at 1,620, with stronger upside hurdles seen at 1,640 and then 1,660. Immediate uptrend supports will be at 1,576, 1,562 and 1,535, which are the respective rising 30-day, 50-day and 100-day moving averages.
Bumi Armada need to overcome the upper Bollinger band (60sen) to boost upside momentum towards the 76.4%FR (63sen), with next key hurdle from the 7/3/23 peak (73sen), while the 200-day ma (54sen) and 50%FR (52sen) cushion downside. Likewise, Hibiscus will need breakout above the upper Bollinger band (RM2.80) to extend recovery towards the 20/10/23 peak (RM2.98), with tougher hurdles from RM3.20 and the 123.6%FP (RM3.44), while downside is seen capped by the 76.4%FR (RM2.51) and 61.8%FR (RM2.23).
Source: TA Research - 16 May 2024
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2024-11-01
MYEG2024-10-31
SNS2024-10-30
AIRPORT2024-10-30
ARMADA2024-10-30
EUPE2024-10-30
HIBISCS2024-10-30
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MENANG2024-10-30
MSC2024-10-30
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AXIATA2024-10-28
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HIBISCS2024-10-28
MYEG2024-10-28
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AIRPORT2024-10-25
AXIATA2024-10-25
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LFECORP2024-10-24
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ARMADA2024-10-23
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AXIATA2024-10-23
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WILLOW2024-10-23
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AIRPORT2024-10-22
AXIATA2024-10-22
MYEG2024-10-22
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AXIATA2024-10-21
EUPECreated by sectoranalyst | Oct 30, 2024
Created by sectoranalyst | Oct 29, 2024
Created by sectoranalyst | Oct 29, 2024