Bursa Malaysia shares struggled for direction on Monday as firmer global oil prices sparked by renewed conflict in the Middle East was overshadowed by worries over taxes in the Budget 2024 proposals this Friday. The FBM KLCI ended flat at 1,417.26 (+0.38) after ranging between early high of 1,420.71 and low of 1,415.8, as losers beat gainers 500 to 343 on muted trade totaling 2.87bn shares worth RM1.78bn.
Trading should be choppy given fresh geopolitical tensions in the Middle East which should lift oil & gas related stocks, while the broader market extend range bound trade amid caution ahead of Budget day. On the index, immediate support is at 1,400, with 1,390 and the end June low of 1,370 acting as stronger supports. Immediate overhead resistance is retained at 1,450, with 1,465/1,470, and the 1,490/1,500 area acting as tougher upside hurdles.
Globetronics need to rebuild support at current levels for eventual recovery above the upper Bollinger band (RM1.55) and aim for the 61.8%FR (RM1.63) and 76.4%FR (RM1.79) ahead, while the 38.2%FR (RM1.37), matching the 100-day ma, cushions downside. VSI will need breakout confirmation above the 50%FR (RM1.04) to fuel upside momentum towards the 61.8%FR (RM1.11) and 76.4%FR (RM1.19) going forward, while the 100-day ma (89sen) and 200-day ma (88sen) limits downside risk.
Source: TA Research - 10 Oct 2023
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MAACreated by sectoranalyst | Nov 08, 2024