Sideways trading persisted on the local market Tuesday as investors fret over pending inflation data for clues over how long interest rates need to be kept high to fight inflation. The FBM KLCI rose 2.1 points to close at 1,445.55, off an early low of 1,441.89 and high of 1,447.05, as losers beat gainers 564 to 367 on turnover of 3.15bn shares worth RM1.95bn.
Stocks should extend range bound trade pending more definite cues over the global inflation and interest rate outlook, and as worries over capital gains taxes in the coming Budget kept investors sidelined. Immediate index support cushioning downside remains at 1,440, followed by 1,433, with subsequently 1420/1,400 acting as stronger supports. Immediate overhead resistance stays at 1,465, then 1,470, with the 1,490/1,500 area as next resistance.
Velesto will need breakout confirmation above the 27/2/23 high (28.5sen) to fuel further upside towards the 123.6%FP (33sen) and 138.2%FP (36sen) ahead, with uptrend support from the 100-day ma (23sen) and 200-day ma (22sen) cushioning downside. Wasco need to decisively overcome the 138.2%FP (RM1.09) to aim for the 150%FP (RM1.14) and 161.8%FP (RM1.20) going forward, while the rising 50-day ma (98sen) and 100-day ma (92sen) provide good uptrend supports.
Source: TA Research - 27 Sept 2023
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TENAGACreated by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024