Bursa Malaysia blue chips stayed mostly range bound on Monday, as investors wait for more evidence on easing inflation on global economies before committing fresh positions. The FBM KLCI rose 2.24 points to close at 1,602.91, off an early high of 1,604.8 and low of 1,600.43, as gainers led losers 642 to 494 on robust turnover of 4.53bn shares worth RM3.01bn.
Stocks are likely to trade sideways in the immediate term as market players await key US inflation data for further clues on the likely direction for interest rates. Immediate resistance for the index stays at 1,620, with stronger upside hurdles seen at 1,640 and then 1,660. Immediate uptrend supports will be at 1,572, 1,558 and 1,532, which are the respective rising 30-day, 50-day and 100-day moving averages.
Genting will need convincing breakout above the 61.8%FR (RM4.74) to ensure challenge of the 76.4%FR (RM4.92) and 11/3/24 high (RM5.20) ahead, while the 200-day ma (RM4.51) provide strong chart support. Genting Malaysia need breakout confirmation above the 61.8%FR (RM2.73) to enhance upside momentum towards the 76.4%FR (RM2.81) and 27/2/24 high (RM2.94) going forward, while the 38.2%FR (RM2.60) provide good retracement support.
Source: TA Research - 14 May 2024
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TMCreated by sectoranalyst | Oct 30, 2024
Created by sectoranalyst | Oct 29, 2024
Created by sectoranalyst | Oct 29, 2024