Given the further deterioration of technical momentum and trend indicators on the FBM KLCI following last week's dip to its lowest in more than two months, more downside volatility can be expected, with bargain hunters unwilling to commit more significantly due to the lack of domestic positive catalysts. Also, sustained weakness on the local currency and rising expectations for a Donald Trump victory in the US Presidential elections early next week could complicate and dampen any near-term recovery momentum.
On the index, the key 200-day moving average level, now at 1,591, must hold to prevent further downward correction potential to next retracement support at 1,575, the 76.4%FR level, with stronger support seen at 1,535, the 61.8%FR level matching the August low. On the flipside, immediate resistance is revised lower to last week's high of 1,630, then 1,648, with next upside hurdles at 1,660 and 1,675.
On stock picks for this week, selective banking, telco and key rubber glove players should attract renewed bargain hunting interest from market players looking for rotational play after recent sharp profit-taking corrections.
Source: TA Research - 4 Nov 2024
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ARMADA2024-12-05
DELEUM2024-12-05
GAMUDA2024-12-05
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GTRONIC2024-12-05
IHH2024-12-05
IHH2024-12-05
YNHPROP2024-12-04
APB2024-12-04
GAMUDA2024-12-04
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IHH2024-12-04
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MMAG2024-12-04
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PTARAS2024-12-04
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IHH2024-12-03
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REXIT2024-12-03
TECHNAX2024-12-02
ARMADA2024-12-02
ARMADA2024-12-02
GAMUDA2024-12-02
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GTRONIC2024-12-02
IHH2024-12-02
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PTARAS2024-12-02
PTARAS2024-12-01
GTRONIC2024-12-01
GTRONIC2024-12-01
GTRONIC2024-11-30
KIMLUN2024-11-29
AXIATA2024-11-29
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GTRONIC2024-11-29
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KIMLUN2024-11-28
AXIATA2024-11-28
GAMUDA2024-11-28
GAMUDA2024-11-28
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GAMUDA2024-11-28
GTRONIC2024-11-28
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IHH2024-11-28
IHH2024-11-28
IHH2024-11-28
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IHH2024-11-28
LGMS2024-11-28
LGMS2024-11-27
GAMUDA2024-11-27
GAMUDA2024-11-27
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GAMUDA2024-11-27
GAMUDA2024-11-27
IHH2024-11-27
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IHH2024-11-26
ARMADA2024-11-26
ARMADA2024-11-26
ARMADA2024-11-26
ARMADA2024-11-26
DELEUM2024-11-26
DELEUM2024-11-26
DELEUM2024-11-26
GAMUDA2024-11-26
GAMUDA2024-11-26
GAMUDA2024-11-26
IHH2024-11-26
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IHH2024-11-26
RGTBHD2024-11-25
ARMADA2024-11-25
ARMADA2024-11-25
ARMADA2024-11-25
ARMADA2024-11-25
ARMADA2024-11-25
ARMADA2024-11-25
ARMADA2024-11-25
ARMADA2024-11-25
ARMADA2024-11-25
DSS2024-11-25
GAMUDA2024-11-25
GAMUDA2024-11-25
GAMUDA2024-11-25
IHH2024-11-25
IHHCreated by sectoranalyst | Dec 04, 2024
Created by sectoranalyst | Dec 04, 2024
Created by sectoranalyst | Dec 03, 2024
Created by sectoranalyst | Dec 03, 2024