Bursa Malaysia shares fell into profit-taking correction mode on Monday as escalating geopolitical tensions in the Middle East overshadowed the strong gains in China and Hong Kong following China's stimulus measures. The FBM KLCI shed 11.18 points to close at 1,648.91, off an opening high of 1,661.89 and low of 1,647.28, as losers beat gainers 652 to 488 on total turnover of 4.06bn shares worth RM3.22bn.
The local market should stay in sideways consolidation, with optimism over the strong ringgit and further interest rate cuts by key global central banks overshadowed by rising geopolitical tensions in the Middle East. Immediate index support is revised lower to the recent correction low of 1,633, with 1,620 and then 1,600 acting as stronger supports. Immediate resistance will be at the recent high of 1,675, with the next high of 1,684, then 1,695, the Dec 2020 high, as tougher resistance levels.
Genting will need breakout momentum to overcome the 38.2%FR (RM4.32) and extend rise towards the 50%FR (RM4.45) and 61.8%FR (RM4.59) ahead, while the lower Bollinger band (RM4.05) cushions downside risk. Similarly, GENM need decisive breakout above the 38.2%FR (RM2.46) to target the 50%FR (RM2.52) and 61.8%FR (RM2.58) going forward, with the lower Bollinger band (RM2.31) cushioning downside risk.
Source: TA Research - 1 Oct 2024
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ZECONCreated by sectoranalyst | Oct 09, 2024