The local market extended profit-taking breather on Wednesday, with investors sidelined pending more cues from US Fed officials on the outlook for interest rates and inflation. The FBM KLCI fell 5.77 points to close at 1,457.60, off an early high of 1,462.01 and low of 1,454.46, but buyers led losers 490 to 412 on total trade of 3.45bn shares worth RM1.97bn.
Stocks should stay range bound from profit-taking after the recent strong gains, with market undertone still steady on hopes global interest rates may have peaked and rate cuts should follow 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.
Sime Darby need decisive strength above the 123.6%FP (RM2.39) to further boost upside momentum towards the 138.2%FP (RM2.46), 150%FP(RM2.52) and 161.8%FP (RM2.57) ahead, while the rising 50-day ma (RM2.23) provides good uptrend support. Tenaga will need breakout confirmation above the 123.6%FP (RM10.06) to aim higher towards the 138.2%FP (RM10.38) and 150%FP (RM10.64) going forward, with uptrend support seen from the 100-day ma (RM9.58).
Source: TA Research - 9 Nov 2023
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TENAGACreated by sectoranalyst | Oct 30, 2024
Created by sectoranalyst | Oct 29, 2024
Created by sectoranalyst | Oct 29, 2024