The local market fell for profit-taking correction on Wednesday, as overbought conditions and recent sharp gains encouraged investors to take profits on trading positions. The FBM KLCI lost 11.97 points to end near session lows at 1,486.86, off an opening high of 1,497.80, as losers beat gainers 588 to 359 on lower turnover of 4.97bn shares worth RM2.84bn.
Stocks should extend profit-taking consolidation, which is key to rebuild support, consolidate gains and further neutralize overbought conditions. On the index, immediate resistance will be near the 1,500 level which capped upside in Jan 2023, with next hurdle at 1,520. Immediate chart supports are at 1,480, and 1,450, with better supports at 1,440 and 1,430.
Axiata need convincing breakout above the 23.6%FR (RM2.58), matching the 200-day ma, to extend upside towards the 38.2%FR (RM2.82) and 50%FR (RM3.02) going forward, with downside cushioned by the lower Bollinger band (RM2.28). CelcomDigi will need breakout confirmation above the 123.6%FP (RM4.35) to enhance upside momentum and target the 138.2%FP (RM4.52) and 150%FP (RM4.65) ahead, while the lower Bollinger band (RM4.03) cushions downside.
Source: TA Research - 11 Jan 2024
Chart | Stock Name | Last | Change | Volume |
---|
2024-11-21
FGV2024-11-21
GENM2024-11-21
PBBANK2024-11-21
PBBANK2024-11-21
SIME2024-11-20
PBBANK2024-11-20
SIME2024-11-20
SIME2024-11-20
SIME2024-11-19
LAGENDA2024-11-19
LAGENDA2024-11-19
LAGENDA2024-11-19
LAGENDA2024-11-19
MAGMA2024-11-19
MAGMA2024-11-19
NESTCON2024-11-19
NESTCON2024-11-19
NESTCON2024-11-19
NESTCON2024-11-19
PBBANK2024-11-19
PBBANK2024-11-19
SIME2024-11-19
SIME2024-11-18
PBBANK2024-11-18
PBBANK2024-11-18
PBBANK2024-11-18
SIME2024-11-18
SIME2024-11-18
SIME2024-11-18
SIME2024-11-15
PBBANK2024-11-15
PBBANK2024-11-14
MAGMA2024-11-14
PBBANK2024-11-14
SIME2024-11-14
SIME2024-11-13
GENM2024-11-13
PBBANK2024-11-13
SIME2024-11-13
SIME2024-11-12
FGV2024-11-12
GENM2024-11-12
PBBANK2024-11-12
SIME2024-11-12
SIME2024-11-11
PBBANK2024-11-11
PBBANK2024-11-11
PBBANK2024-11-11
SIMECreated by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024