Bursa Malaysia shares closed softer on Monday, as the results of the six state elections over the weekend was within market expectations but saw the current unity government losing support in its traditional strongholds. The FBM KLCI eased 0.16 points to settle at 1,457, off an early low of 1,452.15 and high of 1,457.43, as gainers led losers 575 to 404 on total turnover of 3.53bn shares worth RM1.89bn.
Stocks should trade sideways with downward bias given the softer regional tone due to China's economic growth worries, and weaker state support for the current unity government. Key chart supports to cushion downside on the index are at the recent low of 1,433, then 1420/1,400, while immediate overhead resistance is from the recent high of 1,464, then 1,470, followed by the 1,490/1,500 level.
Gadang need to climb above the 23.6%FR (31sen) to boost upside momentum towards the 38.2%FR (34sen), with next hurdle from the 50%FR (36sen), while the lower Bollinger band (28sen) and 29/9/22 low (27sen) limit downside risk. Sunway Construction will need to overcome the 2/8/23 high (RM1.83) to enhance upside potential and target the 123.6%FP (RM1.89), 138.2%FP (RM1.95) and 150%FP (RM2.00) ahead, with key retracement support at the 76.4%FR (RM1.68) cushioning downside.
Source: TA Research - 15 Aug 2023
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