Blue chips rose on Wednesday, mirroring regional gains as stronger economic data and optimism for rate cuts after the US Federal Reserve Chairman signalled easing inflation boosted market sentiment. The FBM KLCI climbed 17.36 points, or 1.1% to end at the day's high of 1,615.32, off an opening low of 1,599.60, as gainers swarmed losers 902 to 326 on total turnover of 5.47bn shares worth RM3.99bn.
The local market should copy regional strength as improving economic data and increased hopes for interest rate cuts with the US Fed chief cueing slowing inflation ahead lift sentiment. Immediate index resistance remains at the early June high of 1,622, with the May high of 1,632 and 1,640 as tougher upside hurdles, while stronger supports are at 1,568, the 100-day moving average level, followed by 1,550.
Bumi Armada shares will need convincing breakout above the 76.4%FR (63sen) to boost upside momentum and target the 7/3/23 high (73sen), with next major hurdle at the 123.6%FP (83sen), while the 50%FR (52sen) cushions downside. Dialog need to break above the upper Bollinger band (RM2.59) to enhance upside potential and aim for the 25/1/23 high (RM2.73), with next upside hurdle at the 123.6%FP (RM2.97), and uptrend support from the rising 100-day ma (RM2.30).
Source: TA Research - 4 Jul 2024
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YLI2024-11-20
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WCT2024-11-19
AIRPORT2024-11-19
DIALOG2024-11-19
PETDAG2024-11-19
PETDAG2024-11-18
AIRPORT2024-11-18
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ARMADA2024-11-18
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DIALOG2024-11-18
PETDAG2024-11-18
PETDAG2024-11-16
ARMADA2024-11-15
AIRPORT2024-11-15
ARMADA2024-11-15
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CFM2024-11-15
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PETDAG2024-11-15
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AIZO2024-11-14
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ARMADA2024-11-14
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ARMADA2024-11-14
PETDAG2024-11-14
PETDAG2024-11-13
JTGROUP2024-11-13
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PETDAG2024-11-13
PETDAG2024-11-12
DIALOG2024-11-12
MAHSING2024-11-12
PETDAG2024-11-12
PETDAG2024-11-11
ARMADA2024-11-11
PETDAGCreated by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024