Blue chips on Bursa Malaysia stayed range bound on Monday, with investors mostly sidelined awaiting stronger cues from global central banks guidance and upcoming key US inflation data for market direction. The FBM KLCI slipped 4.85 points to close at 1,537.54, off an opening high of 1,540.23 and low of 1,532.73, as losers beat gainers 587 to 476 on total turnover of 3.76bn shares worth RM2.55bn.
Sideways trade should persist near-term as investors await clearer guidance on the likely inflation and interest rate trend from key global central bankers. Stronger index supports cushioning downside will be at 1,525 and 1,501, the respective rising 50-day and 100-day moving averages, with better support seen at 1,480. Immediate 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.
Bumi Armada will need breakout confirmation above the 76.4%FR (63sen) to extend rise and challenge the 7/3/23 peak (73sen), with next major hurdle at the 123.6%FP (82sen), and key retracement supports at the 50%FR (52sen) and 38.2%FR (47sen). Likewise, Velesto need sustained strength above the 28/2/24 high (31.5sen) to extend uptrend and aim for the 123.6%FP (37sen) and 138.2%FP (40sen) going forward, with key chart supports from the 76.4%FR (26sen) and 61.8%FR (22sen) cushioning downside.
Source: TA Research - 26 Mar 2024
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