Review & Outlook
Gains in property, utility and oil & gas heavyweights lifted the local benchmark index to close at a fresh 17-month high above 1,500 on Wednesday. The FBM KLCI climbed 7.99 points to end near session highs at 1,504.10, off an opening low of 1,497.16, as gainers led losers 690 to 360 on lower turnover of 4.34bn shares worth RM2.87bn.
While blue chips look set for further recovery, a positive catalyst will be key for a decisive break from current consolidation to sustain above the 1,500 level. Hence, a convincing break above the 1,500/1,510 resistance zone, which capped upside in Jan 2023, should aim for next key hurdles at 1,520 and 1,550. Key chart supports cushioning downside will be at 1,478, 1,469 and 1,458, the respective 30-day, 50-day and 100-day moving averages.
Sime Darby need to climb above the 161.8%FP (RM2.57) to sustain further rise towards the 176.4%FP (RM2.64) and 200%FP (RM2.76) ahead, with the rising 50-day ma (RM2.40) providing uptrend support. TM shares need breakout confirmation above the 123.6%FP (RM6.14) to extend uptrend and target the 138.2%FP (RM6.34) and 150%FP (RM6.50) going forward, while the rising 30-day ma (RM5.64) provide uptrend support and cushions downside.
Source: TA Research - 26 Jan 2024
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TENAGACreated by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024