Bursa Malaysia shares fell into profit-taking consolidation on Monday, with investors refraining from more commitments amid worries over the health of China's economy and pending more cues on the global inflation and interest rate trend. The FBM KLCI shed 5.77 points to close at 1,448.15, off an early high of 1,455.78 and low of 1,448, as losers swarmed gainers 683 to 287 on total turnover of 3.09nm shares worth RM2.05bn.
The local market should extend consolidation with downward bias given the absence of positive domestic leads, and worries over the health of the global economy. On the index, better support is revised lower to 1,430, with 1,400/1,390 as stronger chart supports, while the end June low of 1,370 will act as crucial support. Immediate resistance is at 1,465/1,470, with the 1,490/1,500 area acting as tougher upside hurdle.
Genting Berhad need to overcome immediate resistance from RM4.70 and RM4.90 to enable a challenge of the March 2021 peak (RM5.13), with next major hurdle from the 123.6%FP (RM5.71), and key retracement supports at the 61.8%FR (RM4.20) and 50%FR (RM3.91). GENM need to climb above the 76.4%FR (RM2.74) to aim higher towards RM2.90 and retest the March 2021 high (RM2.96), with downside cushioned by the 50%FR (RM2.49) and 38.2%FR (RM2.38).
Source: TA Research - 28 Nov 2023
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VELESTOCreated by sectoranalyst | Oct 30, 2024
Created by sectoranalyst | Oct 29, 2024
Created by sectoranalyst | Oct 29, 2024