Blue chips fell Thursday for profit-taking pullback, with construction, technology and banking heavyweights leading falls, copying weakness in key regional technology names after Nvidia's results underwhelmed investors. The FBM KLCI shed 21.69 points, or 1.3% to settle at 1,653.55, off an early high of 1,684.68 and low of 1,651.73, as losers swarmed gainers 851 to 316 on reduced turnover of 3.68bn shares worth RM3.97bn.
The local market should stall for profit-taking consolidation after recent volatility, while investors await key inflation data from Europe and US for further market direction. Immediate index supports are from the recent correction low of 1,633, then 1,620 and 1,600 as stronger supports. Key resistance will be at yesterday's high of 1,684, then 1,695, the Dec 2020 high, followed by the 123.6%FP (1,702) and 138.2%FP (1,741).
SKP Resources will need to sustain breakout momentum above the 50%FR (RM1.15) to aid further upside towards the 38.2%FR (RM1.27) and 23.6%FR (RM1.41) ahead, with downside risk capped by the 200-day ma (94sen). VSI need decisive breakout above the 61.8%FR (RM1.10) to increase recovery momentum towards the 76.4%FR (RM1.19) and 15/7/ 24 high (RM1.34) going forward, while the 50%FR (RM1.02) and 200-day ma (95sen) provide strong supports.
Source: TA Research - 30 Aug 2024
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99SMART2024-11-11
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AXIATA2024-11-11
CAPITALA2024-11-11
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HLBANK2024-11-11
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IHH2024-11-11
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PPB2024-11-11
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VSCreated by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024