Local stocks bounced back Thursday, helped by the overnight Wall Street rally to record highs after the US central bank signalled for 3 interest rate cuts before the end of this year. The FBM KLCI recouped 5.62 points to close at 1,541.41, off an early low of 1,534.66 and high of 1,542.33, as gainers led losers 631 to 451 on robust turnover of 4.02bn shares worth RM2.94bn.
The local market should extend gains ahead of the weekend, following the firm regional tone on optimism over the US Federal Reserve's confidence on further interest rate cuts, which means inflation should be well contained. 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 1,524 and 1,499, the respective rising 50-day and 100-day moving averages.
Sime Darby will need to overcome the upper Bollinger band (RM2.70) to extend uptrend towards the 138.2%FP (RM2.75) and 150%FP (RM2.83), with the rising 100-day ma (RM2.43) providing uptrend support. Likewise, Tenaga need sustained strength above the upper Bollinger band (RM11.68) to extend higher towards the 176.4%FP (RM11.99) and 200%FP (RM12.58) going forward, with uptrend support cushioned by the rising 30-day ma (RM11.25) and 50-day ma (RM10.96).
Source: TA Research - 22 Mar 2024
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TENAGACreated by sectoranalyst | Oct 30, 2024
Created by sectoranalyst | Oct 29, 2024
Created by sectoranalyst | Oct 29, 2024