Blue chips rose on Thursday, led by technology, construction and property stocks, matching regional gains after lower-than-expected US consumer prices raised hopes the Fed will cut rates later this year. The FBM KLCI climbed 7.88 points to close at 1,611.11, off an opening low of 1,604.38 and high of 1,611.57, as gainers led losers 720 to 492 on strong turnover of 6.05bn shares worth RM4.35bn.
The local market should find support from regional strength given the softer US consumer inflation data which increases the likelihood for interest rate cuts, while rubber glove stocks pause for profit-taking breather after recent sharp gains. 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 1,578, 1,564 and 1,536, which are the respective rising 30-day, 50-day and 100-day moving averages.
Gamuda will need sustained strength above the upper Bollinger band (RM5.60) to extend uptrend towards the 123.6%FP (RM5.82) and 138.2%FP (RM6.09) ahead, while the 50-day ma (RM5.24) and 100-day ma (RM5.09) cushion downside. Similarly, Sunway Construction need to climb above the upper Bollinger band (RM3.19) to fuel upside momentum towards the 123.6%FP (RM3.37) and 138.2%FP (RM3.59) going forward, with downside capped by the 50-day ma (RM2.85) and 76.4%FR (RM2.66).
Source: TA Research - 17 May 2024
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TENAGACreated by sectoranalyst | Aug 30, 2024