Blue chips extended range bound trading on Tuesday, as investors awaited key economic and inflation data from the region for further market leads. The FBM KLCI eased 1.54 points to close at 1,676.65, off an early high of 1,684.06 and low of 1,673.86, as losers edged gainers 518 to 502 on lower turnover of 2.98bn shares worth RM2.94bn.
The overnight correction on U.S And European markets, dampened by the lingering concerns over the economic slowdown, should filter through to drag the local market lower. 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.
Gadang needs to overcome the 200-day ma (39sen) convincingly to enhance upside momentum towards the 61.8%FR (43sen) and 76.4%FR (46sen) ahead, while the 23.6%FR (33sen) provides good chart support. SunCon will need to decisively overcome resistance from the 123.6%FP (RM4.58) to promote further upside towards the 138.2%FP (RM4.92) and 150%FP (RM5.19) going forward, with downside risk capped by key support from the 100-day ma (RM3.79).
Source: TA Research - 4 Sept 2024
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SUNCONCreated by sectoranalyst | Sep 03, 2024
Created by sectoranalyst | Sep 03, 2024
Created by sectoranalyst | Sep 03, 2024
Created by sectoranalyst | Sep 02, 2024