Stocks extended falls on Wednesday, dragged by the overnight US correction as investors' concerns over the global inflation and interest rate outlook dampened market tone. The FBM KLCI lost another 5.47 points to close at 1,531.51, after moving between early low of 1,527.92 and high of 1,535.2, as losers beat gainers 588 to 422 on lower trade totalling 3.65bn shares worth RM2.66bn.
The local market should drift lower due to absence of stimulus details amid China's disappointing GDP growth target for this year and lacking fresh local leads. Stronger index supports cushioning downside on further profittaking pullbacks will be at 1,527, 1,512 and 1,489, the respective 30-day, 50-day and 100-day moving averages. Immediate resistance will be from the recent 21-month high of 1,559, followed by 1,580, with stronger upside hurdle seen at the 1,600 level.
Further weakness on Hartalega should attract bargain hunters looking for rebound upside towards the 76.4%FR (RM2.66), with tougher hurdle from the 8/1/24 peak (RM3.05), while downside is cushioned by the 50%FR (RM2.22) and 38.2%FR (RM2.03). Kossan should also attract buyers on dips, with upside capped by the 76.4%FR (RM1.93) and 29/1/24 high (RM2.17), and key chart supports from the 100-day ma (RM1.75) and 200-day ma (RM1.56) cushioning downside.
Source: TA Research - 7 Mar 2024
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ECONBHDCreated by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024