Blue chips ended near session lows on Wednesday, as investors stay sidelined pending firmer local market leads and ahead of the keenly anticipated US jobs data by the end of the week. The FBM KLCI slipped 3.64 points to close at 1,445.82, off an early high of 1,452.07 and low of 1,444.63, as losers beat gainers 452 to 365 on slower trade totalling 2.79bn shares worth RM1.81bn.
The local market should continue to drift lower given the absence of significant domestic leads, and as investors await more solid signs of cooling inflation which could strengthen the case for interest rate cuts next year. Better index chart supports are at 1,430, and 1,400/1,390, 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 tougher upside hurdle.
Maxis is deemed attractive to bargain at current levels for recovery to the 76.4%FR (RM4.14), with a breakout to aim for the 16/6/23 high (RM4.46), and next major hurdle at the 123.6%FP (RM4.78), while the 50%FR (RM3.78) cushions downside. TM will need confirmed breakout above the 76.4%FR (RM5.47) to enhance upside momentum towards the 25/8/22 peak (RM5.80), with next hurdle from the 123.6%FP (RM6.13), while downside is cushioned by the 200-day ma (RM4.95).
Source: TA Research - 7 Dec 2023
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TENAGACreated by sectoranalyst | Dec 23, 2024
Created by sectoranalyst | Dec 20, 2024
Created by sectoranalyst | Dec 20, 2024
Created by sectoranalyst | Dec 20, 2024