Stocks extended profit-taking correction for a second day on Wednesday, with investors sidelined while assessing central bank decisions from key regional economies and awaiting the US Fed Chair's speech at Jackson Hole. The FBM KLCI lost another 7.45 points to settle at 1,635.32, off an early high of 1,646.38 and low of 1,633.64, as losers edged gainers 573 to 508 on slower trade totalling 3.28bn shares worth RM2.9bn.
The local market should stay range bound as investors search for leads from the release of more economic data from key regional and developed economies. Immediate index resistance remains at Tuesday's high of 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.
Aemulus should attract bargain hunters on weakness, with key chart supports seen at recent selloff low of 28sen and 1/12/23 low (23sen), while a breach above the 200-day ma (34sen) should aim for 38sen and the 38.2%FR (42sen) ahead. Hiap Teck will be more attractive to buy on dip towards the 38.2%FR (32sen), while a confirmed breakout above the 61.8%FR (39sen) should target the 76.4%FR (43sen) and 47sen going forward.
Source: TA Research - 22 Aug 2024
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YTLPOWRCreated by sectoranalyst | Aug 22, 2024
Created by sectoranalyst | Aug 22, 2024
Created by sectoranalyst | Aug 22, 2024
Created by sectoranalyst | Aug 22, 2024
Created by sectoranalyst | Aug 22, 2024
Created by sectoranalyst | Aug 22, 2024