Stocks closed mixed in range bound trade Tuesday, as investors stayed cautious ahead of the crucial U.S. inflation data and the final U.S. Federal Reserve meeting of the year for signals as to when policymakers will begin cutting interest rates. The FBM KLCI ended flat at 1,447.12 (+0.05) after moving between high of 1,447.72 and low of 1,444.26, as losers led gainers 483 to 388 on total turnover of 3.28bn shares worth RM2.37bn.
Range bound trading should persist pending more significant local catalysts, while investors await more policy updates from global central bankers this week. On the index, immediate resistance stays at 1,465/1,470, with the 1,490/1,500 area acting as tougher upside hurdle. Better chart supports are at 1,430, and then 1,400/1,390, while the end June low of 1,370 will act as crucial support.
Gamuda need to rebuild support above the 76.4%FR (RM3.81) to enhance recovery upside to the 123.6%FP (RM4.72) and 138.2%FP (RM5.00) ahead, while stronger retracement support is found at the 61.8%FR (RM3.53). Likewise, Tenaga need to reinforce support above the 200-day ma (RM9.42) ahead of recovery potential to the 138.2%FP (RM10.39), with next hurdle from the 150%FP (RM10.65), while stronger support is at the 76.4%FR (RM9.03).
Source: TA Research - 13 Dec 2023
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YINSONCreated by sectoranalyst | Aug 30, 2024