Stocks extended profit-taking correction Thursday, led by utility, construction and technology counters, while persistent limit-down losses on lower liners hurt retail sentiment. The FBM KLCI fell 12.03 points to close at 1,479.18, off an early high of 1,492.53 and low of 1,478.03, as losers trashed gainers 885 to 218 on higher turnover of 6.09bn shares worth RM3.61bn.
Retail sentiment should remain weak given worries over persisting forced selling on margined positions in lower liners, with global growth and geopolitical concerns also dampening market tone. Key index supports to watch for on correction extension will be 1,465 and 1,455, the respective 50-day and 100-day moving averages, with 1,440/1,430 as stronger supports. Immediate overhead resistance is at 1,500/1,510, which restricted upside in Jan 2023, with next key hurdles at 1,520 and 1,550.
Hibiscus should attract buyers at current levels, with key chart support from the 200-day ma (RM2.45) restricting downside, while a convincing break above the 50%FR (RM2.73) should aim for the 61.8%FR (RM2.93) and 76.4%FR (RM3.18) ahead. Wasco will need breakout confirmation above the 19/9/23 high (RM1.09) to fuel upside momentum towards the 123.6%FP (RM1.22) and 138.2%FP (RM1.30) going forward, while the 200-day ma (94sen) limits downsie risk.
Source: TA Research - 19 Jan 2024
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SIMEPROPCreated by sectoranalyst | Dec 12, 2024
Created by sectoranalyst | Dec 12, 2024
Created by sectoranalyst | Dec 12, 2024