The local market extended profit-taking correction Thursday, along with heavy falls in the region following the sharp overnight Wall Street drop as weaker-than-expected US tech earnings dampened sentiment. The FBM KLCI slipped another 5.96 points to close at 1,615.18, off an early low of 1,610.58 and high of 1,618, as losers swarmed gainers 954 to 255 on total trade of 4.55bn shares worth RM3.11bn.
The recent profit-taking correction should prevail as investors closely monitor earnings from more key US technology names and revise their expectations ahead of the weekend. Immediate index supports remain at 1,614, 1,606 and 1,582, the respective 30-day, 50-day and 100-day moving average levels, while immediate resistance will be the recent high of 1,638, with 1,640 and 1,660 as tougher upside hurdles.
Any further weakness on Axiata towards the 23.6%FR (RM2.36) would aggravate oversold conditions and spark technical rebound ahead, with immediate upside hurdles seen at the 50%FR (RM2.60) and 61.8%FR (RM2.70), and strong support from the 31/10/23 low (RM2.12). CelcomDigi will need to overcome key resistance from the 61.8%FR (RM3.88) and 76.4%FR (RM4.08) to enhance upside momentum, with major hurdle seen from the 30/5/23 high (RM4.42), and key chart supports at the lower Bollinger band (RM3.49) and 23.6%FR (RM3.34).
Source: TA Research - 26 Jul 2024
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