Given last week's sharp profit-taking correction which neutralized the prior overbought technical conditions, and with the daily slow stochastics momentum indicator on the KLCI moving into oversold mode on further weakness, blue chips should return to support building which could help anchor rebound ahead. Meanwhile, the rebound on Wall Street last Friday, due mostly to a largely in line core CPE price index, the preferred inflation gauge for the US Federal Reserve, should spillover as investors worry less over the probability for US interest rates easing later this year.
On the index, immediate support is at 1,595, last Friday's low matching the rising 30-day moving average, with 1,580 and 1,550, the 50-day and 100- day moving averages, acting as stronger supports. Immediate resistance will be the recent high of 1,632, with 1,640, 1,660 and then 1,680 as tougher upside hurdles.
As for stock picks this week, key construction, property, healthcare and technology related lower liners, which went through sharp corrections should attract bargain hunters anticipating rebound upside ahead.
Source: TA Research - 4 Jun 2024
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DRBHCOM2024-11-27
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AME2024-11-26
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DRBHCOM2024-11-26
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SDG2024-11-26
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