Blue chips rallied on Thursday, copying regional strength after Jerome Powell reaffirmed his view that the Federal Reserve will likely cut interest rates this year. The FBM KLCI gained 16.23 points to close at 1,553.24, off an high of 1,554.33 and low of 1,537.25, as gainers thrashed losers 656 to 351 on total turnover of 3.36bn shares worth RM2.68bn.
Even as stocks edge higher, underlying caution over the path of interest rate and inflation worries should keep buyers in check. Overhead resistance stays at the recent 21-month high of 1,559, followed by 1,580, with stronger upside hurdle seen at the 1,600 level. Immediate index supports remains at 1,533 and 1,498, the respective rising 50-day and 100-day moving averages, with better support seen at 1,480.
On AMMB, a decisive breakout above the 138.2%FP (RM4.46) should enhance upside momentum to the 150%FP (RM4.60), with tougher hurdles from the 161.8%FP (RM4.73) and 176.4%FP (RM4.89), while key supports are from the lower Bollinger band (RM3.94) and 76.4%FR (RM3.76). CIMB should rebuild support at current levels with recovery potential towards the 161.8%FP (RM7.07), with stronger profit-taking resistance anticipated at 176.4%FP (RM7.30) and 200%FP (RM7.68), while crucial chart supports from the 100-day ma (RM5.93) and 200-day ma (RM5.56) cushions downside risk.
Source: TA Research - 5 Apr 2024
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CIMBCreated by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024