Stocks stayed soft as profit-taking interest persisted Tuesday, as investors traded cautiously ahead of the start of the U.S. Federal Reserve's two-day monetary policy meeting, which will ultimately decide the interest rate direction. The KLCI ended flat at 1,457.66 after ranging between high of 1,459.00 and low of 1,454.61, as gainers beat losers 519 to 406 on steady turnover of 3.94bn shares worth RM2.13bn.
Blue chips should extend range bound trade on caution over external uncertainties, while the oil and gas related stocks continue to attract bargain hunters amid stronger Brent oil prices. Immediate overhead resistance for the index remains at 1,465, then 1,470, with the 1,490/ 1,500 area as next resistance, while immediate support cushioning downside stays at 1,440, followed by 1,433, with subsequently 1420/1,400 acting as stronger supports.
Genting Berhad shares should attract buyers looking for rebound upside from current oversold levels, with a confirmed breakout above the 200- day ma (RM4.39) to aim for the 76.4%FR (RM4.55) and RM4.70 ahead, while the 50%FR (RM3.91) strongly cushions downside. Genting Malaysia is in base building mode, pending decisive breakout above the 61.8%FR (RM2.60) to target the 76.4%FR (RM2.74) and RM2.90 going forward, with the 38.2%FR (RM2.38) cushioning downside.
Source: TA Research - 20 Sept 2023
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TMCreated by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024