Note that while shorter-term daily technical indicators on the FBM KLCI have turned negative following last week's profit-taking consolidation, medium-term weekly indicators retained their upward trajectories, implying that the longer-term uptrend bias remained intact. Hence, near-term profittaking pullbacks should be viewed as buying opportunities for recovery upside ahead. Meantime, improving external sentiment following the Israel/ Hamas ceasefire, easing US/China trade tensions after the recent summit between the two top leaders, and more optimism that US interest rates have peaked and are poised to pivot for rate cuts sometime next year should filter through to aid recovery in global financial markets.
On the index, immediate support remains at 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. Immediate resistance is still at 1,465/1,470, with the 1,490/1,500 area acting as a tougher upside hurdle.
As for stock picks for the coming week, key gaming, construction and technology-related counters like Genting Berhad, Genting Malaysia, Gadang, MRCB, Sunway Construction, UEM Sunrise, SKP Resources and VSI should attract bargain hunters looking for rotational plays and rebound upside ahead.
Source: TA Research - 27 Nov 2023
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PHARMA2024-08-23
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IHH2024-08-22
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IHH2024-08-21
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SUNWAYCreated by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024