Stocks rose on Tuesday, led by the technology and semiconductor related sector following a rally in US mega tech stocks after Microsoft's CEO recruited former OpenAI chief Sam Altman to lead a new AI research team. The FBM KLCI gained 6.48 points to end at the day's high of 1,463.40, off an early low of 1,456.16, as gainers led losers 500 to 411 on higher turnover of 3.65bn shares worth RM2.11bn.
The broader market should extend consolidation pending fresh leads, while technology and rubber glove related stocks attract buyers amid positive news flow and earnings outlook. Immediate index resistance is at 1,465/1,470, with the 1,490/1,500 area acting as tougher upside hurdle, while immediate support stays at 1,450, with 1,430, and then 1,400/1,390 as stronger chart supports.
Hartalega need sustained strength above the 61.8%FR (RM2.40) to extend higher towards the 76.4%FR (RM2.63), with next hurdles from RM2.85 and the June 2022 high (RM3.01), while key chart supports from the 50%FR (RM2.21) and 38.2%FR (RM2.02) cushion downside. Kossan will need breakout confirmation above the 76.4%FR (RM1.68) to extend recovery to RM1.84 and the April 2022 high (RM1.92), while chart supports at RM1.48 and 50%FR (RM1.40) limits downside risk.
Source: TA Research - 22 Nov 2023
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