Last week's profit-taking pullback subsequent to the sharp rally to peak at a fresh four-year high has flashed negative signals on short-term technical momentum indicators for the FBM KLCI, suggesting more profit-taking consolidation ahead. However, longer-term trend indicators remained positive, signalling uptrend continuation which should resume once buying momentum and market sentiment improves. Meantime, stronger cues from global central bankers on the direction of interest rates and inflation should also reinforce the local market's recovery momentum.
Immediate index resistance remains at last 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 acting as stronger supports.
As for stock picks this week, lower liner construction, oil & gas and semiconductor related counters should still attract bargain hunters looking to buy dips at cheaper levels for recovery upside in the near term.
Source: TA Research - 26 Aug 2024
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UCHITECCreated by sectoranalyst | Dec 04, 2024
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