Bursa Malaysia rose on Monday led by plantation and oil & gas stocks as more investors returned from the Chinese New Year holidays to bargain hunt. The FBM KLCI climbed 5.06 points to close at 1,538.61, off an early low of 1,530.58 and high of 1,539.25, but losers edged gainers 554 to 447 on total turnover of 3.47bn shares worth RM2.07bn.
The local market should stay upbeat as market players return from the CNY holidays for sector rotational plays, with more fresh domestic leads key to spur further gains. Immediate overhead resistance for the index remains at 1,550, with stronger upside hurdles coming at 1,580 and 1,600. Key uptrend supports cushioning downside will be at 1,505, 1,492 and 1,474, the respective rising 30-day, 50-day and 100-day moving averages.
Genting Berhad need to decisively overcome resistance from the 19/3/21 peak (RM5.13) to enhance upside momentum and aim for RM5.40 and the 123.6%FP (RM5.71) ahead, while the 76.4%FR (RM4.56) and 200-day ma (RM4.36) cushion downside. Similarly, Genting Malaysia will need convincing breakout above the 19/3/21 peak (RM2.96) to target RM3.10 and the 123.6%FP (RM3.26) going forward, with downside capped by the 76.4%FR (RM2.67) and 200-day ma (RM2.57).
Source: TA Research - 20 Feb 2024
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BURSACreated by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024