Bursa Malaysia shares plunged on Monday, following the spillover selloff on global markets from last Friday as investors priced in higher risk for US recession due to the weak July jobs data and Iran's threat of a retaliatory military strike on Israel. The FBM KLCI tumbled 74.57 points, or 4.63%, to close at 1,536.48, off an opening high of 1,593.36 and low of 1,532.24, as losers trashed gainers 1,659 to 83 on strong volume totalling 9.26bn shares worth RM7.97bn.
Given the continuing global markets selloff, further downside volatility can be expected near-term, with the local benchmark index seen to test key chart supports before bouncing back. On a further selloff, look for key retracement supports to hold base, which are at 1,504 and 1,472, the respective 50%FR and 61.8%FR of the rise from June 2023 (1,369 low) to July 2024 (1,638 high), with the 200-day moving average support (1,533) already tested yesterday. Immediate resistance on any oversold rebound attempts will presently be at the 100-day ma (1,588), and then 1,600.
Further selloff on Genting Berhad should attract buyers looking for oversold rebound ahead, with key chart supports at the Oct 2023 lows (RM4.00) and Nov 2022 low (RM3.80) capping downside, and overhead resistance seen at the 50%FR (RM4.52), 61.8%FR (RM4.66) and 76.4%FR (RM4.83). Likewise, Genting Malaysia will be very attractive to bargain on further selloff, with crucial supports seen at the Oct 2023 (RM2.30) and Nov 2022 (RM2.20) lows, and upside hurdles on oversold rebound viewed at the 38.2%FR (RM2.52), 50%FR (RM2.58) and 61.8%FR (RM2.65).
Source: TA Research - 6 Aug 2024
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MISCCreated by sectoranalyst | Oct 30, 2024
Created by sectoranalyst | Oct 29, 2024
Created by sectoranalyst | Oct 29, 2024