Blue chips paused for profit-taking consolidation on Tuesday after the index's recent rally to a nine-month high, and as Australia raised interest rates on concerns inflation may stay high for an extended period. The FBM KLCI slid 1.3 points to settle at 1,463.37, after ranging between early high of 1,465.55 and low of 1,458.66, as losers beat gainers 517 to 385 on lower turnover of 3.26bn shares worth RM2.17bn.
Blue chips should pause for profit-taking breather after recent strong gains, as market undertone remain firm on hopes the rising global interest rates trend may end soon and pave way for rate cuts sometime next year. On the index, resistance is set at the 1,490/1,500 area, followed by 1,520 as next upside hurdle. Immediate support is now at 1,450, with 1,430, and then 1,400/1,390 as stronger support platform.
Maxis will need sustained strength above the 76.4%FR (RM4.14) to enhance upside potential for retest of the May peak (RM4.50), with a confirmed breakout to aim for the 123.6%FP (RM4.86) ahead, while the 61.8%FR (RM3.92) cushions downside. TM should meet strong profit-taking resistance on further rally towards the 76.4%FR (RM5.47) and Aug 2022 peak (RM5.80), with downside cushioned by the 200-day moving average (RM4.92).
Source: TA Research - 8 Nov 2023
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ICONCreated by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024