Local blue chips rebounded from a two-day profit-taking correction on Thursday, led by plantation and telco heavyweights, as hopes increase the US central bank will reduce interest rates in its September meeting. The FBM KLCI regained 6.34 points to end at 1,641.66, off an early low of 1,634.69 and high of 1,642.14, but losers edged gainers 616 to 446 on improved trading volume which totalled 3.73bn shares worth RM3.08bn.
Stocks should stay buoyant towards the weekend, as investors anticipate the US Federal Reserve will be more dovish in its monetary policy stance and reduce interest rates further towards the year end. 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.
Bumi Armada will need to overcome the 50%FR (53sen) to improve upside momentum and target the 61.8%FR (57sen) and 76.4%FR (63sen) ahead, while the recent selloff low (44sen) and 23.6%FR (42sen) limits downside risk. Meanwhile, Wasco need to rebuild support above the 50%FR (RM1.07), while a breakout confirmation above the 200-day ma (RM1.22) should fuel upside momentum towards the 76.4%FR (RM1.35) and RM1.45 going forward.
Source: TA Research - 23 Aug 2024
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SIMEPROPCreated by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024