Bursa Malaysia shares stayed in consolidation mode on Monday, as the lack of market boosting measures in Budget 2025 kept investors sidelined. The FBM KLCI ended flat at 1,645.68 (-0.31) after moving between an early low of 1,642.52 and high of 1,648.05, as losers beat gainers 645 to 395 on total turnover of 3.02bn shares worth RM2.19bn.
Stocks should extend sideways trade as investors search for more catalysts to lift the market from current consolidation. Immediate index resistance remains at 1,660, followed by the recent highs of 1,675 and 1,684, and then 1,695, the Dec 2020 high, as tougher resistance levels. Immediate support will be the recent correction low of 1,625, with 1,620 and then 1,600 acting as stronger supports.
Velesto is in base building mode, with key chart supports at the lower Bollinger band (19sen) and 38.2%FR (16sen) cushioning downside, while a breakout above the 61.8%FR (22sen) should target the 76.4%FR (25sen) and 29sen ahead. Wasco remains in consolidation to reinforce support above the lower Bollinger band (RM1.06), while a decisive breakout above the 61.8%FR (RM1.19) should aim for the 76.4%FR (RM1.35) and RM1.45 going forward.
Source: TA Research - 22 Oct 2024
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YINSONCreated by sectoranalyst | Dec 04, 2024
Created by sectoranalyst | Dec 04, 2024
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