With most technical momentum and trend indicators of the FBM KLCI regaining strength following last week's renewed upside test of another nine-month high, buying interest should flow back to support gains in the local market. Sentiment-wise, reduced geopolitical tensions from the Israel/ Hamas war, cooling US/China trade relations following productive meetings between the top two world economic leaders, and more conviction from traders over the likelihood that global interest rates have peaked, thus paving way for rate cuts sometime next year, should spread optimism and hence improve risk sentiment in global markets.
On the index, immediate resistance is retained at 1,465/1,470, with the 1,490/1,500 area acting as tougher upside hurdle, while immediate support is upgraded to 1,450, with 1,430, and then 1,400/1,390 as stronger chart supports, while the end June low of 1,370 will act as crucial support.
As for stocks picks for this coming week, core rubber glove, oil & gas and telco players such as Hartalega, Kossan Rubber, Supermax, Top Glove, Velesto, Wasco, Maxis and TM should attract bargain hunters looking to profit in the medium-term, given their improved earnings potential going forward.
Source: TA Research - 20 Nov 2023
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CDBCreated by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024