Stocks fell for profit-taking pullback on Tuesday, as overbought momentum and recent strong gains encouraged market players to reduce trading commitments. The FBM KLCI added 3.13 points to settle at 1,498.83, off an early high of 1,503.93 and low of 1,496.84, as losers beat gainers 605 to 410 on strong turnover of 6.44bn shares worth RM3.76bn.
The local market should pause for profit-taking, which will be healthy to rebuild support, consolidate recent strong gains and ease current overbought conditions. On the index, profit-taking should stall rise towards the 1,500 levels which capped upside in Jan 2023, with next hurdle at 1,520. Immediate chart supports are currently at 1,480, and 1,450, with better supports at 1,440 and 1,430.
Bumi Armada need to climb above the 100-day ma (53sen) and 200-day ma (55sen) to enhance upside momentum and aim for the 61.8%FR (57sen) and 76.4%FR (63sen) ahead, while the 38.2%FR (47sen) cushions downside. Velesto will need breakout confirmation above the 27/2/23 high (28.5sen) to fuel further upside towards 32sen, the 123.6%FP (34sen) and 138.2%FP (36sen) going forward, while the 61.8%FR (20sen) cushions downside risk.
Source: TA Research - 10 Jan 2024
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SUNCONCreated by sectoranalyst | Dec 04, 2024
Created by sectoranalyst | Dec 04, 2024
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Created by sectoranalyst | Dec 03, 2024