The local market extended falls on Thursday, again led by technology, utility and oil & gas stocks, with fresh worries over US economic growth and weak oil prices dampening investor sentiment. The FBM KLCI fell another 5.42 points to close at 1,664.82, off an early high of 1,677.46 and low of 1,663.18, as losers beat gainers 796 to 323 on higher turnover of 3.3bn shares worth RM3.43bn.
The current market drift-down should prevail as investors remain defensive given the weak economic cues from China and the US, and as the market await the upcoming US jobless claims and unemployment data for further 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.
Further selloff on DNEX would aggravate oversold momentum and spark technical rebound ahead, with the 18/1/24 pivot low (31.5sen) and 30sen cushioning downside, and overhead resistance seen at 38sen, the 200-day ma (40sen) and 100-day ma (42sen) capping upside. Likewise, further dip on Velesto should increase potential for oversold rebound going forward, with the 5/8/24 low (18sen) and 38.2%FR (16sen) as stronger supports, and resistance from the 61.8%FR (22sen) and 200-day ma (25sen) seen to stall upside.
Source: TA Research - 6 Sept 2024
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SIMEPROPCreated by sectoranalyst | Sep 05, 2024
Created by sectoranalyst | Sep 05, 2024