The local blue-chip benchmark fell on Wednesday, with banking heavyweights leading losses on worries the US Federal Reserve may opt to keep interest rates at current levels longer to contain inflation. The FBM KLCI slid another 9.17 points to end near session lows at 1,535.79, off an opening high of 1,546, as gainers matched losers 509 to 509 on slower trade totalling 3.81bn shares worth RM2.65bn.
Stocks should bounce back following the Wall Street overnight rally to records as the US central bank cued for 3 interest rate cuts before the end of this year. Immediate index resistance remains at the recent 21-month high of 1,559, followed by 1,580, with stronger upside hurdle seen at the 1,600 level. Stronger supports cushioning downside are at 1,523 and 1,499, the respective rising 50-day and 100-day moving averages.
Genting Berhad need confirmed breakout above the RM5.10 recent high to extend recovery towards RM5.40, with next hurdles at the 123.6%FP (RM5.60) and 138.2%FP (RM5.95) ahead, while the rising 100-day ma (RM4.56) provide uptrend support. Genting Malaysia will require decisive breakout above the 19/3/21 high (RM2.87) to fuel uptrend momentum towards RM3.00, with tougher hurdles at 123.6%FP (RM3.15) and 138.2%FP (RM3.33) going forward, while uptrend support also come from the rising 100-day ma (RM2.62).
Source: TA Research - 21 Mar 2024
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YINSONCreated by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Oct 30, 2024