The local blue-chip benchmark index rallied to a near four-year high on Monday, fuelled by strong gains in key banking stocks which surged 3.7% after the country's 2Q24 GDP rose to a stronger-than-expected 5.9% growth. The FBM KLCI surged 24.8 points, or 1.53% to close at 1,648.70, off an opening low of 1,624.58 and high of 1,653.35, as gainers led losers 606 to 546 on total turnover of 3.89bn shares worth RM4.30bn.
Blue chips should pause for profit-taking breather after yesterdays' strong rally, as investors wait for more economic cues from the region's upcoming inflation data and central bank decisions. Immediate index resistance levels are revised higher to 1,660, followed by 1,680 and then 1,695, the Dec 2020 high, while immediate supports are at 1,620, then 1,600 and 1,580 as stronger supports.
Supermax will need to overcome immediate resistance from 98sen to enhance upside momentum and aim for RM1.04 and RM1.10 ahead, while the lower Bollinger band (80sen) and recent selloff low of 79sen should act to limit downside risk. Likewise, Top Glove need sustained buying momentum to break above the RM1.10 immediate resistance and target RM1.20 and RM1.31 prior to profit-taking pause, with downside cushioned by the recent selloff low of 85sen.
Source: TA Research - 20 Aug 2024
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IJMCreated by sectoranalyst | Aug 20, 2024
Created by sectoranalyst | Aug 20, 2024
Created by sectoranalyst | Aug 20, 2024
Created by sectoranalyst | Aug 20, 2024
Created by sectoranalyst | Aug 16, 2024