Stocks managed to sustain moderate gains on Thursday, as investors returned to nibble amid signs of stability in key regional currencies after the outlook for US interest rates being kept higher for longer due to sticky inflation was partly discounted. The FBM KLCI added 4.34 points to close at 1,544.76, off an early low of 1,538.68 and high of 1,548.46, as gainers led losers 570 to 469 on improved turnover of 3.82bn shares worth RM2.61bn.
The local market should extend consolidation ahead of the weekend, but lingering concerns over strong US growth and inflation to keep interest rates higher for longer could check gains in the immediate term. Immediate index supports are at 1,534 and 1,513, 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.
Any further weakness on Ekovest should attract buyers ahead of rebound upside towards the 50%FR (49sen), with a confirmed breakout to aim for the 61.8%FR (52sen) and 76.4%FR (56sen), while the 23.6%FR (41sen) cushions downside. IWCity will need convincing breakout above the 61.8%FR (83sen) to fuel further upside momentum towards the 76.4%FR (91sen), with next hurdle seen from the 8/1/24 peak (RM1.03), while the 200-day ma (66sen) provides good uptrend support.
Source: TA Research - 19 Apr 2024
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YINSON2024-11-02
EKOVEST2024-11-02
RHBBANK2024-11-01
BURSA2024-11-01
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BURSA2024-11-01
BURSA2024-11-01
BURSA2024-11-01
BURSA2024-11-01
RHBBANK2024-11-01
RHBBANK2024-11-01
YINSON2024-11-01
YINSON2024-11-01
YINSON2024-10-30
AWANTEC2024-10-30
AWANTEC2024-10-30
AWC2024-10-30
AWC2024-10-30
BURSA2024-10-30
BURSA2024-10-30
BURSA2024-10-30
RHBBANK2024-10-30
UMC2024-10-30
YINSON2024-10-30
YINSON2024-10-30
YINSON2024-10-29
AWC2024-10-29
AWC2024-10-29
BURSA2024-10-29
BURSA2024-10-29
BURSA2024-10-29
RHBBANK2024-10-29
YINSON2024-10-29
YINSON2024-10-28
AWANTEC2024-10-28
AWANTEC2024-10-28
AXIATA2024-10-28
AXIATA2024-10-28
BURSA2024-10-28
BURSA2024-10-28
BURSA2024-10-28
EKOVEST2024-10-28
RHBBANK2024-10-28
YINSON2024-10-28
YINSON2024-10-25
AWANTEC2024-10-25
AWC2024-10-25
AWC2024-10-25
AWC2024-10-25
AWC2024-10-25
AWC2024-10-25
AXIATA2024-10-25
AXIATA2024-10-25
BURSA2024-10-25
BURSA2024-10-25
EKOVEST2024-10-25
RHBBANK2024-10-25
RHBBANK2024-10-25
YINSON2024-10-25
YINSON2024-10-24
AWANTEC2024-10-24
AWANTEC2024-10-24
AWANTEC2024-10-24
AWANTEC2024-10-24
BURSA2024-10-24
BURSA2024-10-24
BURSA2024-10-24
PANSAR2024-10-24
RHBBANK2024-10-24
RHBBANK2024-10-24
YINSON2024-10-24
YINSON2024-10-24
YINSON2024-10-23
AXIATA2024-10-23
AXIATA2024-10-23
AXIATA2024-10-23
AXIATA2024-10-23
BURSA2024-10-23
BURSA2024-10-23
BURSA2024-10-23
DCHCARE2024-10-23
EKOVEST2024-10-23
RHBBANK2024-10-23
RHBBANK2024-10-23
YINSON2024-10-23
YINSON2024-10-22
AWC2024-10-22
AWC2024-10-22
AWC2024-10-22
AWC2024-10-22
AWC2024-10-22
AXIATA2024-10-22
BURSA2024-10-22
BURSA2024-10-22
BURSA2024-10-22
BURSA2024-10-22
BURSA2024-10-22
BURSA2024-10-22
RHBBANK2024-10-22
RHBBANK2024-10-22
YINSON2024-10-22
YINSON2024-10-22
YINSON2024-10-22
YINSON2024-10-22
YINSONCreated by sectoranalyst | Oct 30, 2024
Created by sectoranalyst | Oct 29, 2024
Created by sectoranalyst | Oct 29, 2024