Bursa Malaysia shares slid lower on cautious trade Tuesday, in line with weaker regional markets as investors focus turns to a slew of Fed speakers for clues on the U.S. rate outlook and how soon an easing cycle could begin. The FBM KLCI fell 5.41 points to close at 1,622.09, off an opening high of 1,628.38 and low of 1,620.80, as losers thrashed gainers 726 to 470 on total turnover of 5.42bn shares worth RM4.22bn.
Lingering concerns over the timing and extent of possible U.S. interest rate cuts this year should keep buyers in check. Immediate index resistance stays at 1,640, with 1,660 and then 1,680 as tougher upside hurdles ahead. Immediate uptrend support remains 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.
Maxis shares need convincing breakout above the 61.8%FR (RM4.08) to boost upside momentum towards the 76.4%FR (RM4.27) and the peak of 05/05/23 (RM4.59) prior to profit-taking pause, while crucial support from the 23.6%FR (RM3.58) limits downside risk. Similarly, TM needs breakout confirmation above the 138.2%FP (RM6.64) to aim for the 150%FP (RM6.81) and 161.8%FP (RM6.98), with key uptrend support from the 76.4%FR (RM5.76) capping downside risk.
Source: TA Research - 23 May 2024
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TMCreated by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024