Bursa Malaysia shares slipped into profit-taking consolidation on Monday, with traders taking some profits on recent strong gains in construction and property counters linked to the Johor-Singapore Special Economic Zone following the tax incentives introduced to support growth. The FBM KLCI shed 3.52 points to close at 1,665.30, off an early high of 1,671.62 and low of 1,658.48, as losers beat gainers 675 to 458 on total turnover of 3.36bn shares worth RM3.17bn.
Stocks should remain upbeat amid hopes for further rate cuts from key global central bankers, which would encourage more foreign fund flows into the region. Immediate index resistance will be at the recent high of 1,674, followed by the high of 1,684, then 1,695, the Dec 2020 high, as tougher resistance levels. Immediate support will be at 1,650, then the recent correction low of 1,633, with 1,620 and 1,600 acting as stronger supports.
Gadang need to increase breakout momentum above the 38.2%FR (37sen) to enhance upside potential towards the 50%FR (40sen) and 61.8%FR (43sen) ahead, with the lower Bollinger band (32sen) expected to cushion downside. Hiap Teck will need sustained strength above the 61.8%FR (39sen) to fuel further upside momentum towards the 76.4%FR (43sen) and 47sen going forward, while the lower Bollinger band (29sen) should be able to cap downside risk.
Source: TA Research - 24 Sept 2024
Chart | Stock Name | Last | Change | Volume |
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CAPITALA2024-11-14
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AIZO2024-11-14
AIZO2024-11-14
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EPB2024-11-14
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HIAPTEK2024-11-14
HIAPTEK2024-11-13
CAPITALA2024-11-13
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CAPITALA2024-11-12
ABMB2024-11-12
ITMAX2024-11-11
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CAPITALA2024-11-11
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KJTS2024-11-09
ABMB2024-11-07
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PHARMA2024-11-07
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PHARMA2024-11-06
ABMB2024-11-06
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ITMAX2024-11-06
PHARMA2024-11-06
PHARMA2024-11-05
ABMB2024-11-04
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ABMB2024-11-04
GADANGCreated by sectoranalyst | Nov 14, 2024
Created by sectoranalyst | Nov 13, 2024
Created by sectoranalyst | Nov 13, 2024