While blue chips stayed in profit-taking consolidation on Monday, bargain hunting in construction, technology and property stocks lifted the broader market higher. The FBM KLCI ended down 0.61 point at 1,678.19, off an early high of 1,683.43 and low of 1,671.9, but gainers led losers 679 to 467 on total turnover of 3.25bn shares worth RM3.02bn.
Blue chips are likely to extend range bound trade after the recent volatility, while investors assess key economic data from regional and North Asian countries for further market leads. Immediate index support remains at the recent correction low of 1,633, with 1,620 and 1,600 acting as stronger supports. Key resistance will be the recent 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) of the 1,369 low to the 1,638 high.
Ekovest will need to sustain climb above the 23.6%FR (42sen) to strengthen recovery before meeting overhead resistance from the 100-day ma (45sen) and 200-day ma (47sen) ahead, with downside risk capped by the June 2023 low (35sen). IWCity need convincing breakout above the 23.6%FR (61sen) to fuel recovery momentum towards the 38.2%FR (69sen) and 200-day ma (73sen) going forward, while the Aug 2023 low (48sen) provide strong chart support.
Source: TA Research - 3 Sept 2024
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