Bursa Malaysia blue chips were mostly range bound on Monday with investors sidelined pending clearer cues from global central bankers on the direction of interest rates, but lower liner construction and property stocks were actively traded on policy or contract speculations. The FBM KLCI ended down 1.04 points at 1,457.99, off an early low of 1,452.86 and high of 1,458.46, as losers edged gainers 498 to 468 on total turnover of 3.38bn shares worth RM2.12bn.
Blue chips are likely to extend sideways consolidation pending clearer external leads, while lower liner property and construction stocks continue to attract trading interest on hopes for policy or contract announcements. Immediate overhead resistance for the index stays at 1,465, then 1,470, with the 1,490/1,500 area as next resistance, while immediate support cushioning downside is still at 1,440, followed by 1,433, with subsequently 1420/1,400 acting as stronger supports.
Gamuda need decisive breakout above the upper Bollinger band (RM4.56) to fuel further upside towards the 123.6%FP (RM4.72) and 138.2%FP (RM5.00) ahead, while uptrend supports are at the 100-day ma (RM4.28) and 200-day ma (RM4.06). Sime Darby need breakout confirmation above the 25/3/22 peak (RM2.27) to target the 123.6%FP (RM2.39) and 138.2%FP (RM2.46) going forward, while the 200-day ma (RM2.07) cushions downside.
Source: TA Research - 19 Sept 2023
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MYEGCreated by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024