Following FBM KLCI's upward journey to close at a fresh three-year high last Friday, short and medium-term momentum indicators are increasingly overbought, signalling profit-taking correction is overdue. However, given the strong uptrend momentum backed by robust buying support from foreign and local institutional players, more upside is in the cards going forward. Moreover, the stronger-than-expected 1Q GDP of 4.2 percent should spread optimism on the recovery pace for our domestic economy for the rest of the year and encourage more investor commitments into the local stock market.
On the index, a break above 1,620 will accelerate gain towards next hurdle at 1,640, with 1,660 and then 1,680 as tougher upside hurdles ahead. Immediate uptrend support is now at 1,600, with 1,580, 1,566 and 1,538, the respective rising 30-day, 50-day and 100-day moving averages, acting as strong supports.
As for stock picks this week, key telco, oil & gas, rubber glove and technology counters should outperform on rotational basis, with market players attracted by the current extremely robust trading momentum.
Source: TA Research - 20 May 2024
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SCABLE2024-11-21
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HUBLINE2024-11-20
MFLOUR2024-11-20
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NATGATE2024-11-19
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ITMAX2024-11-18
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ITMAX2024-11-12
M&A2024-11-12
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MAXIS2024-11-12
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NATGATE2024-11-12
PIE2024-11-12
PPB2024-11-12
PPJACK2024-11-12
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DESTINI2024-11-11
MAXIS2024-11-11
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MAXIS2024-11-11
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MAXIS2024-11-11
NATGATE2024-11-11
PIE2024-11-11
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PPB2024-11-11
PPJACK2024-11-11
PPJACK2024-11-11
PPJACK2024-11-11
SCABLE2024-11-11
SCABLE2024-11-11
SCABLECreated by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024