Profit-taking in plantation, telco and consumer heavyweights dragged the local blue-chip index lower Wednesday, with most market players sidelined ahead of a local religious and Good Friday market holidays. The FBM KLCI shed 7.82 points to close at 1,530.60, off an opening high of 1,536.58 and low of 1,528.52, as losers beat gainers 645 to 422 on moderate turnover of 3.75bn shares worth RM3.1bn.
Blue chips should trade sideways ahead of the weekend, as investors keenly anticipate release of the key US PCE price index for inflation leads, while rotational play on construction and property stocks pick up steam. Stronger index supports cushioning downside will be at 1,525 and 1,503, 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.
Ekovest will need convincing breakout above the 61.8%FR (52sen) to extend upswing towards the 76.4%FR (56sen), with next key resistance seen at the 8/1/24 peak (62sen), and key retracement support at the 38.2%FR (45sen) cushioning downside risk. Meanwhile, IWCity need to decisively climb above the 76.4%FR (91sen) to reinforce uptrend momentum and aim for the 8/1/24 peak (RM1.03) and 123.6%FP (RM1.15) going forward, while key uptrend support from the 100-day ma (73sen) limits downside risk.
Source: TA Research - 29 Mar 2024
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VSCreated by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024