Bursa Malaysia shares rose on Monday, led by the utility, construction and property sectors, as optimism over infrastructure plays offset concerns over the limit-down losses on certain small cap stocks. The FBM KLCI gained 4.82 points to close at 1,491.19, off an early low of 1,485.51 and high of 1,493.98, as gainers led losers 644 to 375 on total turnover of 4.79bn shares worth RM3.12bn.
Stocks should move back to recovery mode, given the assurance by regulators on the stock market's strong fundamentals and some reversal of the heavy losses suffered by selected small cap stocks. Immediate overhead resistance on the index stays at the 1,500/1,510 zone, with next key hurdles seen at 1,520 and 1,550. Key chart supports to watch will be 1,465 and 1,455, the respective 50-day and 100-day moving averages, with 1,440/1,430 as stronger supports.
Globetronics looks attractive to bargain at current levels, with key chart support from the 200-day ma (RM1.41) capping downside risk, while a breakout above the 100-day ma (RM1.56) should target the 61.8%FR (RM1.63) and 76.4%FR (RM1.79) ahead. Unisem need breakout confirmation above the 61.8%FR (RM3.40) to enhance upside momentum towards the 76.4%FR (RM3.74) and 22/11/21 high (RM4.28) going forward, while the 200-day ma (RM3.14) restricts downside.
Source: TA Research - 23 Jan 2024
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AXIATACreated by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024