Bursa Malaysia shares rose further Monday on optimism for an end to the global interest rate hike trend, but eased off highs as investors took some profits from the recent strong gains. The FBM KLCI added 2.83 points to close at 1,465.28, after moving between early low of 1,460.42 and high of 1,468.74, as losers beat gainers 504 to 419 on robust turnover of 4.81bn shares worth RM3.02bn.
Stocks should ease for near-term profit-taking consolidation as investor optimism for global interest rate cuts next year cools, but blue chips should find support on dips from window-dressing interest ahead of the year-end. The index will need breakout confirmation above the 1,465/ 1,470 immediate resistance area to promote further rise to the 1,490/ 1,500 next resistance area. Immediate support is at 1,450, with better chart supports at 1,430, and then 1,400/1,390.
Genting Berhad will need to overcome profit-taking resistance from the upper Bollinger band (RM4.81) and 76.4%FR (RM4.92) to enhance upside momentum towards tougher hurdles at RM5.10 and RM5.40, while the 200-day ma (RM4.36) and 100-day ma (RM4.31) cushion downside. Genting Malaysia need breakout confirmation above the 50%FR (RM2.76) to improve upside potential towards the 61.8%FR (RM2.84) and 76.4%FR (RM2.95) ahead, with the 200-day ma (RM2.57) and 100-day ma (RM2.55) capping downside risk.
Source: TA Research - 19 Dec 2023
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UWCCreated by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024