The local market traded lower on Wednesday, matching weaker regional peers after China left benchmark lending rates unchanged and investors await the keenly anticipated US Federal Reserve decision on interest rates. The FBM KLCI fell 6.1 points to close at 1,451.56, off an early low of 1,450.37 and high of 1,456.77, but gainers led losers 537 to 423 on lower turnover of 3.55bn shares worth RM2.51bn.
Stocks should extend sideways trade as investors digest the US Federal Reserve's interest rate decision, amid worries the firm oil price trend will keep inflation elevated. Immediate index support cushioning downside stays at 1,440, followed by 1,433, with subsequently 1420/1,400 acting as stronger supports. Immediate overhead resistance remains at 1,465, then 1,470, with the 1,490/1,500 area as next resistance.
Supermax need breakout confirmation above 88sen to fuel further upside towards 96sen and the 10/4/23 high (RM1.03), while the lower Bollinger band (75sen) cushions downside risk. Top Glove will need convincing breakout above the 200-day ma (90sen) to promote further recovery towards 95sen and RM1.10 ahead, with downside similarly cushioned by the lower Bollinger band (74sen).
Source: TA Research - 21 Sept 2023
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HLBANKCreated by sectoranalyst | Dec 03, 2024
Created by sectoranalyst | Dec 03, 2024
Created by sectoranalyst | Dec 03, 2024