Bursa Malaysia shares extended sideway trading Wednesday, as sentiment on the local front remain negative amid lack of positive catalysts, and in lined with regional weakness as investors remained cautious ahead of the last Federal Reserve decision of the year. The KLCI rose 0.92 points to end at 1,448.04, after oscillating between high of 1,448.48 and low of 1443.72, as gainers led losers 482 to 373 on total turnover of 3.76bn shares worth RM2.4bn.
The overnight rally on Wall Street should revive the local market today, but undertone remains cautious as investors refrain from trading commitments amid clueless market direction on the local front. On the index, immediate resistance remains 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.
Public Bank need to sustain above the 76.4%FR (RM4.29) to enhance upside momentum towards the 4/4/22 high (RM4.51), with a confirmed breakout to aim for the 123.6%FP (RM4.72) ahead, while the 100-day ma (RM4.14) cushions downside. Sime Darby will need decisive breakout above the 138.2%FP (RM2.46) to target the 150%FP (RM2.52) and 161.8%FP (RM2.57) going forward, while the rising 50-day ma (RM2.33) provides uptrend support.
Source: TA Research - 14 Dec 2023
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SPSETIACreated by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024