Stocks gave back earlier gains to end lower on late profit-taking Wednesday, as weak follow-through window-dressing support capped bargain hunting activities. The FBM KLCI eased 1.11 points to close near session lows at 1,464.56, off an intra-day high of 1,470.79, as losers edged gainers 465 to 411 on steady trade totalling 3.84bn shares worth RM2.67bn.
In the absence of more significant window-dressing activity, the local market is likely to extend profit-taking consolidation, with buying momentum stalling on dwindling optimism over potential for interest rate cuts next year. The index will need breakout confirmation above 1,470 immediate resistance to fuel further upside towards 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.
Further pullbacks on Supermax should attract buyers again, with key chart supports at 90sen and the 200-day moving average (85sen) cushioning downside, for recovery upside towards resistance from RM1.10 and RM1.20 ahead. Top Glove should also see buyers capping downside closer to support from the 100-day moving average (80sen), with stronger support seen at 70sen, while key upside hurdles will be at RM1.10 and the May 2023 high (RM1.25).
Source: TA Research - 21 Dec 2023
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VSCreated by sectoranalyst | Aug 30, 2024