Blue chips extended consolidation on Thursday as rebound on technology and construction stocks were offset by profit-taking in banking and telco heavyweights. The FBM KLCI dipped 1.49 points to end at 1,638.31, off an early high of 1,649.87 and low of 1,637.91, but gainers led losers 669 to 353 on reduced turnover of 2.61bn shares worth RM2.94bn.
Stocks should extend range bound trade ahead of the weekend, with cautious market undertone persisting ahead of next week's highly anticipated US interest rate cut. Immediate index support remains at the recent correction low of 1,633, with 1,620 and 1,600 acting as stronger supports. Immediate resistance is revised lower to 1,670, with the recent high of 1,684, then 1,695, the Dec 2020 high, as tougher resistance levels.
Tenaga needs to renew breakout momentum above the upper Bollinger band (RM15.15) to enhance upside potential towards the 123.6%FP (RM16.03) and 138.2%FP (RM16.91) ahead, while the 100-day ma (RM13.62) provides good uptrend support. TM will need convincing breakout above the 16/7/24 high (RM7.05) to enable uptrend extension towards the 123.6%FP (RM7.66) and 138.2%FP (RM8.04) going forward, with the 100-day ma (RM6.51) and 200-day ma (RM6.03) cushioning downside risk.
Source: TA Research - 13 Sept 2024
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TMCreated by sectoranalyst | Oct 09, 2024