Strong foreign buying interest in key construction, telco, technology and oil & gas heavyweights on Monday lifted the local blue-chip benchmark to settle at another fresh high in more than three years. The FBM KLCI climbed 10.88 points to close at 1,627.50, off an opening low of 1,618.28 and high of 1,629.81, as gainers led losers 840 to 460 on total turnover of 6.98bn shares worth RM4.37bn.
Blue chips should extend uptrend on sustained foreign fund buying amid economic growth optimism following the strong 1QGDP numbers. Immediate index resistance is revised higher to 1,640, with 1,660 and then 1,680 as tougher upside hurdles ahead. Immediate uptrend support is at 1,600, with 1,583, 1,568 and 1,540, the respective rising 30-day, 50-day and 100-day moving averages, acting as strong supports.
Axiata need to overcome the 76.4%FR (RM3.02) to enhance uptrend momentum and challenge the 30/11/22 peak (RM3.28), with next hurdle seen at the 123.6%FP (RM3.54), while the 100-day ma (RM2.68) and 200-day ma (RM2.57) limit downside. CelcomDigi will need breakout confirmation above the 76.4%FR (RM4.26) to extend recovery towards the 30/5/23 high (RM4.60), with next key hurdle at the 123.6%FP (RM4.93), while downside should be capped by the lower Bollinger band (RM4.03) and 50%FR (RM3.89).
Source: TA Research - 21 May 2024
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