Property and construction stocks dragged the broader market lower on Tuesday, as overbought conditions led to profit-taking which pulled prices off recent highs. The FBM KLCI dipped 7.89 points to close at 1,454.83, off an opening high of 1,462.58 and low of 1,452.48, as losers swarmed gainers 689 to 309 on trade totaling 4.09bn shares worth RM2.39bn.
Stocks should stay range bound for profit-taking consolidation to neutralize overbought momentum on recent strong gainers, and pending fresh leads to sustain positive sentiment. Immediate index support cushioning downside will be at 1,440, then 1,433, with stronger subsequent support at 1420/ 1,400, while overhead resistance remains at 1,464/1,470, with next tougher resistance seen at the 1,490/1,500 level.
Maxis shares need breakout confirmation above the 76.4%FR (RM4.18) to enable re-test of the 16/6/23 high (RM4.50), with next major resistance seen at the 123.6%FP (RM4.91), and key retracement support at 50%FR (RM3.78) cushioning downside. TM should see profit-taking resistance at the 61.8%FR (RM5.36) and 76.4%FR (RM5.57) capping upside potential, while downside risk is restricted to the 23.6%FR (RM4.82).
Source: TA Research - 6 Sept 2023
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AXREIT2024-12-26
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HARTA2024-12-26
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KNM2024-12-26
MAXIS2024-12-26
MAYBULK2024-12-26
PPB2024-12-26
TM2024-12-26
TM2024-12-26
TM2024-12-26
TM2024-12-26
TM2024-12-25
DAYANG2024-12-24
AXIATA2024-12-24
AXIATA2024-12-24
AXREIT2024-12-24
MAYBULK2024-12-24
PPB2024-12-24
PPB2024-12-24
TM2024-12-24
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AXIATA2024-12-23
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AXREIT2024-12-23
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MAXIS2024-12-23
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MAYBULK2024-12-23
MAYBULK2024-12-23
PPB2024-12-23
TM2024-12-23
TM2024-12-23
TM2024-12-20
AXIATA2024-12-20
AXREIT2024-12-20
CLMT2024-12-20
EDGENTA2024-12-20
HARTA2024-12-20
HEXIND2024-12-20
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HEXIND2024-12-20
HEXIND2024-12-20
LIONIND2024-12-20
MAYBULK2024-12-20
TM2024-12-20
TM2024-12-19
AXIATA2024-12-19
AXREIT2024-12-19
AXREIT2024-12-19
CLMT2024-12-19
HARTA2024-12-19
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MAXIS2024-12-19
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MAYBULK2024-12-19
PPB2024-12-19
TM2024-12-19
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TM2024-12-18
AXIATA2024-12-18
AXIATA2024-12-18
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AXREIT2024-12-18
CLMT2024-12-18
KNM2024-12-18
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MAXIS2024-12-18
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MAYBULK2024-12-18
PPB2024-12-18
TM2024-12-18
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TM2024-12-17
AXIATA2024-12-17
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AXREIT2024-12-17
HARTA2024-12-17
HARTA2024-12-17
MAXIS2024-12-17
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MAYBULK2024-12-17
PPB2024-12-17
TM2024-12-17
TM2024-12-17
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TM2024-12-16
AXREIT2024-12-16
MAXIS2024-12-16
MAXIS2024-12-16
MAYBULK2024-12-16
PPB2024-12-16
TM2024-12-16
TM2024-12-16
TM2024-12-16
TM2024-12-16
TM2024-12-16
TMCreated by sectoranalyst | Dec 23, 2024
Created by sectoranalyst | Dec 20, 2024
Created by sectoranalyst | Dec 20, 2024
Created by sectoranalyst | Dec 20, 2024