Last week's bullish breakout on the FBM KLCI which rallied to close at a fresh 12-month high has pivoted technical momentum and trend indicators into bullish mode, and was backed by strong follow-through buying momentum on the broader market, which supports further upside this week. The resurgent buying momentum should sustain strong trading commitments from market players, with momentum plays likely to focus on the construction, property, oil & gas, technology and utility sectors as recovery plays pick up steam.
As for the index, a convincing breakout on strong buying momentum above the 1,490/1,500 resistance level, which restricted upside in Jan 2023, will grease upside towards next key hurdles at 1,520 and 1,550, prior to stalling for profit-taking. Key chart support at 1,450 is expected to prevent further correction towards better supports at 1,440 and 1,430, with 1,400/1,390 as stronger support platform.
As for stocks picks for this week, we like key banking, telcos, oil & gas and semiconductor related counters such as AMBank, CIMB, Axiata, CelcomDigi, Bumi Armada, Velesto, Globetronics and Unisem for continuation of rotation and situational plays with more investors coming back into the market.
Source: TA Research - 8 Jan 2024
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VSCreated by sectoranalyst | Aug 30, 2024