Blue chips registered moderate gains Tuesday, but the broader market was mixed as investors await inflation leads from key global economies. The FBM KLCI added 2.97 points to settle at 1,605.88, off an early low of 1,601.44 and high of 1,607.42, as gainers edged losers 600 to 516 on higher turnover of 4.69bn shares worth RM3.2bn.
The local market should extend range bound trade pending release of key US inflation data later this week for firmer cues on the path 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 1,574, 1,560 and 1,534, which are the respective rising 30-day, 50-day and 100-day moving averages.
Ekovest require sustained strength above the 200-day ma (49sen) to reinforce upside momentum and aim for the 61.8%FR (52sen) and 76.4%FR (56sen) ahead, with the lower Bollinger band (44sen) and 23.6%FR (41sen) to cushion downside. IWCity will need to climb above the 76.4%FR (90sen) to reignite bullish momentum and target the 8/1/24 peak (RM1.03) and 123.6%FP (RM1.16) going forward, while the 200-day ma (69sen) provides strong chart support.
Source: TA Research - 15 May 2024
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UZMACreated by sectoranalyst | Nov 05, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024