Bursa Malaysia shares drifted lower on Monday, with most investors sidelined amid concerns over potential worsening of the Israel/Hamas conflict, and ahead of key central bank meetings and economic data releases. The FBM KLCI slid 2.7 points to close at 1,439.20, off an early high of 1,441.80 and low of 1,436.98, as losers swarmed gainers 624 to 238 on muted trade totalling 2.81bn shares worth RM1.51bn.
The local market should trade sideways with downward bias given the cautious sentiment amid the ongoing Middle East conflict and ahead of monetary policy updates from key global central bankers. Immediate overhead resistance for the index remains at 1,450, with 1,465/1,470 and the 1,490/1,500 area acting as tougher upside hurdles. Immediate support stays at 1,400, followed by 1,390, with the end June low of 1,370 acting as crucial support.
MRCB needs to overcome the 30-day ma (45sen) decisively to improve upside momentum and aim for the 123.6%FP (48sen) and 138.2%FP (51sen) ahead, while downside is cushioned by the 76.4%FR support (40sen). UEM Sunrise will need to break above the upper Bollinger band (87sen) to target the 123.6%FP (89sen) and 138.2%FP (97sen) going forward, with the lower Bollinger band (71sen) capping downside risk.
Source: TA Research - 31 Oct 2023
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IBHDCreated by sectoranalyst | Nov 08, 2024