The local market slipped into profit-taking consolidation on Thursday after recent strong gains, with concerns over China's growth momentum due to the weak property sector dampening sentiment. The FBM KLCI dipped 2.16 points to close at 1,464.68, off an early high of 1,465.16 and low of 1,460.46, as losers beat gainers 487 to 419 on lower turnover of 3.48bn shares worth RM2.07bn.
Stocks should trade sideways ahead of the weekend, with worries over economic growth momentum in China cushioned by optimism the US Federal Reserve may be ending its interest rate hike and lean towards cutting rates next year. 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.
Gamuda will need breakout confirmation above the 13/10/23 high (RM4.72) to extend uptrend and target the 138.2%FP (RM5.00), 150%FP (RM5.23) and 161.8%FP (RM5.46) going forward, while the 100-day ma (RM4.45) and 200-day ma (RM4.25) provide uptrend supports. Sunway Construction need convincing breakout above the 12/10/23 high (RM1.99) to fuel further gains towards the 123.6%FP (RM2.13) and 138.2%FP (RM2.23) ahead, with support from the 100-day ma (RM1.80) to cushion downside.
Source: TA Research - 17 Nov 2023
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