Stocks traded sideways on Monday, as lack of positive catalysts in the local front and concerns over the Israel-Hamas conflict in the Middle East continued to weigh on investor appetite. The FBM KLCI fell 2.92 points to settle at 1,438.12, after ranging between high of 1,443.86 and low of 1,435.05, as losers thrashed gainers 743 to 195 on total turnover of 3.37bn shares worth RM1.99bn.
The current cautious trading sentiment should persist as investors keep an eye on the ongoing geopolitical developments in the Middle East as well as the interest rate outlook from global central bankers. As for the index, immediate support remains at 1,400, with the 1,390, and the end June low of 1,370 acting as crucial supports. Immediate overhead resistance stays at 1,450, with 1,465/1,470, and the 1,490/1,500 area acting as tougher upside hurdles, going forward.
Dialog will need breakout confirmation above the 61.8%FR (RM2.40) to boost upside momentum towards the 76.4%FR (RM2.58), with next major resistance from the peak of 14/02/22 (RM2.85), and immediate supports at 23.6%FR (RM1.96) and 28/10/22 low (RM1.83). Hibiscus needs decisive breakout above the 61.8%FR (RM2.97) to enhance upside potential towards the 76.4%FR (RM3.22), with stronger upside hurdle coming at the peak of 18/05/22 (RM3.62). Crucial chart supports at 38.2%FR (RM2.56) and 23.6%FR (RM2.31) limits downside risk.
Source: TA Research - 24 Oct 2023
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CRGCreated by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024