Blue chips rose on Thursday, led by construction (+3.8%), technology (+2.7%) and telco (+2%) heavyweights, mirroring regional strength after the US Federal Reserve slashed interest rates by 50 basis points and cued for further rate cuts ahead. The FBM KLCI gained 5.06 points to close at 1,665.65, off an early low of 1,657.13 and high of 1,665.84, as gainers led losers 898 to 322 on higher turnover of 3.99bn shares worth RM4.08bn.
The local market should be buoyed by the upbeat global sentiment on the back of the US Federal Reserve's dovish cue for further rate cuts of a halfpoint by year-end and full point next year, which would encourage further fund flows into the region. Immediate index resistance remains at 1,670, with the recent high of 1,684, then 1,695, the Dec 2020 high, as tougher resistance levels. Immediate support will be at the recent correction low of 1,633, with 1,620 and 1,600 acting as stronger supports.
UEM Sunrise will need to sustain breakout above the 200-day ma (RM1.02) to boost upside momentum towards RM1.20 and challenge the 20/5/24 high (RM1.28), with downside risk capped by the lower Bollinger band (80sen) and 50%FR (76sen). WCT Holdings need to overcome the 76.4%FR (RM1.14) to fuel recovery momentum towards RM1.25 and re-test the 23/7/24 high (RM1.35) ahead, while the 50%FR (90sen) and 100-day ma (89sen) will act to limit downside.
Source: TA Research - 20 Sept 2024
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UMCCACreated by sectoranalyst | Oct 07, 2024
Created by sectoranalyst | Oct 04, 2024