Blue chips rebounded on Tuesday, with financial and plantation heavyweights leading gains on foreign fund buying while the broader market extended consolidation. The FBM KLCI ended 8.86 points up at 1,660.35, ranging between early high of 1,661.09 and low of 1,649.53, as losers edged gainers 501 to 479 on slower trade of 3.05bn shares worth RM3.78bn.
The local market should trade sideways amid caution over upcoming US inflation data and interest rate cut, as sustained foreign interest on banking stocks cushion downside. 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.
AMBank need to overcome the 161.8%FP (RM5.45) to promote further upside towards the 176.4%FP (RM5.66) and 200%FP (RM5.99) before stalling, with the rising 30-day ma (RM4.85) acting as uptrend support. CIMB will need convincing breakout above the 161.8%FP (RM8.62) to fuel upside momentum towards the 176.4%FP (RM9.00) and 200%FP (RM9.60) going forward, while uptrend support from the rising 30-day ma (RM7.78) cushion downside.
Source: TA Research - 11 Sept 2024
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PMETALCreated by sectoranalyst | Oct 09, 2024