Last week's profit-taking pullback from a fresh 21-month high forced hook-downs on short-term momentum indicators from extreme overbought conditions on the FBM KLCI, suggesting further profit-taking consolidation is likely before overbought technical momentum neutralize. Sentiment wise, it is key that positive domestic catalysts support the current uptrend, with focus likely on the proposed high speed rail from KL to Singapore and the Johor/Singapore Special Economic Zone, given the planned meeting by the federal and state governments in Johor this week, reflecting the government's urgency and commitment in ensuring a smooth and speedy implementation of the projects.
Key index supports cushioning downside on profit-taking pullbacks will be at 1,538, 1,516 and 1,501, the respective rising 10-day, 30-day and 50-day moving averages. Immediate resistance remains at 1,580, with stronger upside hurdles coming at 1,600 and 1,620.
As for stocks picks this week, selected construction, oil & gas and technology counters such as MRCB, Sunway Construction, UEM Sunrise, WCT Holdings, Bumi Armada, Velesto, SKP Resources and VSI should attract bargain hunters for potential rotational plays ahead.
Source: TA Research - 26 Feb 2024
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