The local blue-chip benchmark index rose on Thursday, following the broadly positive cues from regional markets, as investors cheered dovish Fed talk as well as reports that China is mulling fresh stimulus to boost slowing growth in the world's second-largest economy. The FBM KLCI gained 7.33 points to close at 1,443.82, off an early low of 1,437.96 and high of 1,446.06, as gainers beat losers 587 to 341 on steady turnover of 3.38bn shares worth RM2.02bn.
While sentiment has improved somewhat, stronger buying momentum and liquidity boost on the domestic market will be needed to promote sustained rise to higher ground. On the index, immediate overhead resistance stays at 1,450, with 1,465/1,470, and the 1,490/1,500 area acting as tougher upside hurdles. Immediate support remains at 1,400, with 1,390 and the end June low of 1,370 acting as crucial supports.
Maxis remains in base building mode at current levels, pending decisive breakout above the upper Bollinger band (RM4.20) to challenge the 16/ 6/23 peak (RM4.50), with next hurdle seen at the 123.6%FP (RM4.86), and key retracement support at the 50%FR (RM3.74). TM will need convincing breakout from consolidation, with a successful climb above the 50%FR (RM5.10) to aim for the 61.8%FR (RM5.26) and 76.4%FR (RM5.47) ahead, while key retracement support from the 23.6%FR (RM4.73) cushions downside.
Source: TA Research - 13 Oct 2023
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