The local benchmark rose on Tuesday, aided by mild bargain hunting interest in key banking, plantation and utility heavyweights ahead of this weekend's highly anticipated state elections. The FBM KLCI added 5.19 points to close at 1,451, off an early low of 1,441.63 and high of 1,452.47, as gainers led losers 437 to 389 on turnover of 3.17bn shares worth RM1.71bn.
Stocks should stay mostly range bound ahead of this weekend's closely watched state elections, with the weak trade numbers from China and pending inflation data from the US and China to check investor commitments. Immediate index resistance will be last week's high of 1,464, with 1,470, and the 1,490/1,500 level acting as tougher upside hurdles. Immediate support cushioning downside will be last week's low of 1,433, with stronger supports seen at 1,420 and 1,400.
Maybank likely to sustain its long-term uptrend and overcome the upper Bollinger band (RM9.08) and aim for the 123.6%FP (RM9.18), 138.2%FP (RM9.43) and 150%FP (RM9.62) ahead, with uptrend support from the rising 100-day ma (RM8.68) and 200-day ma (RM8.53) cushioning downside. Public Bank will need to climb above the 61.8%FR (RM4.23) to boost upside momentum and challenge the 76.4%FR (RM4.38) and 4/4/ 22 peak (RM4.60), while key retracement supports from the 38.2%FR (RM4.00) and 23.6%FR (RM3.86) cushion downside.
Source: TA Research - 9 Aug 2023
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SIMEPROPCreated by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024