Blue chips rose on Wednesday, lifting the benchmark index up to a fresh nine-month high, on spreading optimism the US rate-hike campaign has ended following the soft October inflation data. The FBM KLCI climbed 15.12 points to end at the day's high of 1,466.84, off an opening low of 1,453.07, as gainers led losers 595 to 359 on robust trade totalling 3.94bn shares worth RM2.21bn.
While stocks should extend rebound following recent optimism that the US central bank may end and even reverse rate-hikes next year, further upside could stall on caution over a deadline to prevent another US government shutdown by end of this week. Immediate index resistance remains at 1,465/1,470, with the 1,490/1,500 area acting as tougher upside hurdle. Immediate support is raised to 1,450, with stronger supports at 1,430, then 1,400/1,390, and the end June low of 1,370 as crucial support.
AMBank will need breakout confirmation above the 14/12/22 peak (RM4.09) to enhance upside momentum towards the 123.6%FP (RM4.36) and 138.2%FP (RM4.53) ahead, with the 100-day moving average (RM3.75) cushioning downside. CIMB need to climb above the 123.6%FP (RM5.89) to aim for the 138.2%FP (RM6.09) and 150%FP (RM6.24) going forward, while downside is seen cushioned by the 50-day moving average (RM5.60).
Source: TA Research - 16 Nov 2023
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