Bursa Malaysia shares stayed range bound on Monday with profit-taking on key property and construction stocks checking recent strong gains. The FBM KLCI eased 0.71 points to settle at 1,462.72, after ranging within early high of 1,465.93 and low of 1,460.84, as losers edged gainers 526 to 498 on total turnover of 4bn shares worth RM2.37bn.
Resistance at 1,464/1,470; Support at 1,440/1,433
The local market should continue to trade sideways due to profit-taking on recent strong gains on property and construction counters, pending fresh leads to sustain the positive sentiment. Immediate overhead resistance for the index remains at 1,464/1,470, with next tougher resistance seen at the 1,490/1,500 level, while immediate chart support cushioning downside will be at 1,440, then 1,433, and subsequently 1420/1,400.
Bargain Bumi Armada & Dialog Group
Bumi Armada shares need breakout confirmation above the 61.8%FR (57sen) to sustain recovery towards the 76.4%FR (63sen), with tougher hurdle from the 7/3/23 high (73sen), while retracement support from the 38.2%FR (47sen) cushions downside. Dialog Group will need to overcome the 50%FR (RM2.27) to improve upside momentum towards the 61.8%FR (RM2.41), with the 76.4%FR (RM2.58) as next target, and downside cushioned by the 23.6%FR (RM1.96).
Source: TA Research - 5 Sept 2023
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FGVCreated by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024