Stocks stayed within tight trading ranges on Tuesday amid lack of significant domestic leads, and as investors await the release of economic data from major global economies for leads. The FBM KLCI ended flat at 1,448.02 (- 0.13), after oscillating between early high of 1,452.6 and low of 1,444.6, as losers beat gainers 526 to 390 on higher turnover of 3.81bn shares worth RM2.39bn.
The local market should continue its current sideways trend pending clearer market leads, and more solid signs of recovery in the global economy. On the index, better support is at 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.
Gadang will need to overcome resistance from the 50%FR (35sen) to enhance upside momentum towards the 61.8%FR (37sen) and 76.4%FR (40sen) ahead, with downside cushioned by the 200-day ma (31sen). Meantime, MRCB will be more attractive to bargain on weakness towards the 76.4%FR (40sen), with better support from the 61.8%FR (38sen), for rebound upside towards the upper Bollinger band (46sen), and tougher resistance seen at the 123.6%FP (48sen) and 138.2%FP (50sen).
Source: TA Research - 29 Nov 2023
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SWIFTCreated by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024