Profit-taking dragged Tenaga and key utility heavyweights lower on Wednesday, as disappointing current corporate earnings and cautious regional tone dampened sentiment. The FBM KLCI dipped 13.21 points to end at the day's low of 1,545.59, off an early high of 1,556.69, as losers trashed gainers 780 to 311 on higher turnover of 4.77bn shares worth RM3.3bn.
The local market should trade sideways with downward bias as investors assess the tail-end of the current corporate earnings season, while awaiting firmer leads from the global inflation trend. Key index supports cushioning downside on profit-taking pullbacks will be at 1,544, 1,522 and 1,506, 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.
SKP Resources need to decisively tackle overhead resistance from the 100-day ma (80sen) and 200-day ma (88sen) to enhance upside momentum and aim for the 61.8%FR (RM1.03) and 50%FR (RM1.15) ahead, with the lower Bollinger band (66sen) capping downside risk. VSI will need a confirmed breakout above the 76.4%FR (79sen) to target the 61.8%FR (84sen) and 50%FR (88sen) going forward, while the recent 31/1/24 pivot low (70sen) cushion downside.
Source: TA Research - 29 Feb 2024
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PPBCreated by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024