The local market staged a mild rebound on Thursday, encouraged by the congressional testimony by Federal Reserve Chairman that US interest rates will likely be reduced this year if inflation slows further. The FBM KLCI gained 4.32 points to close at 1,535.83, off an opening low of 1,531.7 and high of 1,539.6, as gainers led losers 546 to 452 on steady turnover of 3.55bn shares worth RM2.6bn.
Stocks should end within recent trading ranges ahead of the weekend, barring fresh local catalysts which is key to lift the market from current consolidation. Stronger index supports cushioning downside on further profit-taking pullbacks will be at 1,527, 1,513 and 1,490, 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.
Supermax appear attractive to bargain at current levels, with downside cushioned by chart supports at 80sen and 75sen, while a rebound above the 100-day ma (90sen) will be key to sustain further upside towards 95sen and RM1.04 prior to profit-taking correction. Any further dip on Top Glove towards better supports at 75sen/70sen should attract buyers looking for rebound upside, with a climb above the 100-day ma (85sen) to aim for 94sen and RM1.02 going forward.
Source: TA Research - 8 Mar 2024
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2024-08-24
DNEX2024-08-24
TOPGLOV2024-08-23
AFFIN2024-08-23
CHINHIN2024-08-23
CHINHIN2024-08-23
CHINHIN2024-08-23
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CHINHIN2024-08-23
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CHINHIN2024-08-23
CHINHIN2024-08-23
GAMUDA2024-08-23
GAMUDA2024-08-23
GAMUDA2024-08-23
PMHLDG2024-08-23
PMHLDG2024-08-23
PMHLDG2024-08-23
SAPNRG2024-08-22
CHINHIN2024-08-22
CHINHIN2024-08-22
CHINHIN2024-08-22
CHINHIN2024-08-22
CHINHIN2024-08-22
CHINHIN2024-08-22
CHINHIN2024-08-22
CHINHIN2024-08-22
GAMUDA2024-08-22
GAMUDA2024-08-22
GAMUDA2024-08-22
GAMUDA2024-08-21
CHINHIN2024-08-21
CHINHIN2024-08-21
GAMUDA2024-08-21
STAR2024-08-21
STAR2024-08-21
STAR2024-08-21
STAR2024-08-21
STAR2024-08-21
TOPGLOV2024-08-20
GAMUDA2024-08-20
GAMUDA2024-08-20
GAMUDA2024-08-20
TOPGLOV2024-08-19
CHINHIN2024-08-19
CHINHIN2024-08-19
GAMUDA2024-08-19
GAMUDA2024-08-19
TEXCYCL2024-08-19
TEXCYCL2024-08-19
TEXCYCL2024-08-16
CHINHIN2024-08-16
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GAMUDA2024-08-16
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GAMUDA2024-08-16
LCTITAN2024-08-15
CHINHIN2024-08-15
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CHINHIN2024-08-15
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CHINHIN2024-08-15
CHINHIN2024-08-15
CHINHIN2024-08-15
GAMUDA2024-08-15
GAMUDA2024-08-15
GAMUDA2024-08-15
GAMUDA2024-08-15
GAMUDA2024-08-15
GAMUDA2024-08-15
GAMUDA2024-08-15
GAMUDA2024-08-14
CHINHIN2024-08-14
CHINHIN2024-08-14
GAMUDA2024-08-14
GAMUDA2024-08-14
GAMUDA2024-08-14
GAMUDA2024-08-14
GAMUDA2024-08-14
SUPERMX2024-08-14
TEXCYCL2024-08-13
CHINHIN2024-08-13
CHINHIN2024-08-13
GAMUDA2024-08-13
GAMUDA2024-08-13
GAMUDA2024-08-13
GAMUDA2024-08-13
GAMUDACreated by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024