Stocks sustained falls on Tuesday following strong March US retail sales, which lowered the case for earlier interest rate cuts and as Israel contemplated response to Iran's weekend aerial military strikes. The FBM KLCI dipped 7.53 points to close at 1,535, off an early high of 1,541.59 and low of 1,532.49, as losers trashed gainers 1,139 to 173 on higher turnover of 4.93bn shares worth RM3.72bn.
The local market should extend profit-taking consolidation given the elevated Middle East geopolitical tensions as Israel weighs a military response to Iran's air strikes, and strong US growth which signalled interest rate cuts may be delayed. Immediate index supports are at 1,533 and 1,511, the respective 50-day and 100-day moving averages, with better support at 1,500. Overhead resistance will be at the recent high of 1,565, with stronger upside hurdles seen at 1,580 and 1,600.
DNEX need to overcome the 200-day ma (41sen) and 23.6%FR (46sen) convincingly to boost upside momentum towards the 38.2%FR (55sen) and 50%FR (62sen) ahead, with downside cushioned by good chart supports at 34sen and the 18/1/24 low (31.5sen). Hibiscus will require decisive breakout above the 61.8%FR (RM2.91) to enhance upside potential towards the 76.4%FR (RM3.15) and 18/5/22 peak (RM3.55) going forward, while the 200-day ma (RM2.50) provides strong downside cushion.
Source: TA Research - 17 Apr 2024
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WPRTSCreated by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024