Blue chips rose on Monday, copying regional gains as investors weighed when the U.S. Federal Reserve will start cutting rates in the wake of yet another blowout jobs report over the weekend. The FBM KLCI gained 4.73 points to close at 1,559.98, off a high of 1,560.26 and low of 1,554.15, as gainers edged losers 531 to 511 on total turnover of 3.96bn shares worth RM2.33bn.
In spite of the firm local benchmark, the sustained negative market breadth and relative weakness on lower liners indicate persistent selling or profittaking interest, which should increase on further gains. Overhead resistance for the index is revised upwards to 1,580, followed by 1,600, with stronger upside hurdles at the 1,618 level. Immediate support remains at 1,536 and 1,500, the respective rising 50-day and 100-day moving averages, with better support seen at 1,480.
Gadang will need breakout confirmation above the upper Bollinger band (45sen) to boost upside momentum towards the 123.6%FP (47sen), with next major resistance from the 138.2%FP (50sen), and immediate supports at 61.8%FR (37sen) and 50%FR (35sen). WCT Holdings needs decisive breakout above the upper Bollinger band (57sen) to enhance upside potential towards the 76.4%FR (61sen), with stronger upside hurdle coming at the peak of 15/10/21 (69sen) going forward. Crucial chart supports at 38.2%FR (47sen)) and 23.6%FR (42sen) limits downside risk.
Source: TA Research - 9 Apr 2024
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TOPMIX2024-08-22
BURSA2024-08-22
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BURSA2024-08-21
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MBSB2024-08-21
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BURSA2024-08-20
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BURSA2024-08-20
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BURSA2024-08-19
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MBSB2024-08-19
MBSB2024-08-19
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SUNCON2024-08-19
SUNCON2024-08-16
BURSA2024-08-16
BURSA2024-08-16
GENM2024-08-16
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BURSA2024-08-15
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SUNCON2024-08-14
BURSA2024-08-14
BURSA2024-08-14
TOPMIX2024-08-13
BURSA2024-08-13
BURSA2024-08-13
IOICORP2024-08-13
NATGATECreated by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024