Bursa Malaysia shares ended higher on Monday driven by bargain hunting interest in plantation stocks after a rally in crude palm oil prices sparked by shrinking supplies amid surging exports. The FBM KLCI rose 12.45 points to close at the day's high of 1,616.43, off an opening low of 1,607.75, as gainers led losers 537 to 485 on total turnover of 2.42bn shares worth RM2.15bn.
Market sentiment will remain cautious as investors await the results of the US presidential elections and the decision from the Federal Reserve's next monetary policy meeting. Immediate support stays at the 1,600 psychological level, with next crucial support coming in at the 200-day moving average level of 1,591, and next at 1,575, the 76.4%FR level. Immediate resistance is from last week's high of 1,630, then 1,648, with next upside hurdles at 1,660 and 1,675.
Any further dips on Maxis towards the 38.2%FR (RM3.42) chart support should attract bargain hunting interest for rebound upside towards the 61.8%FR (RM3.76), with tougher resistance coming from the upper Bollinger band (RM3.84) and 76.4%FR (RM3.97). TM is in base building mode, with key chart supports at the 200-day ma (RM6.27) and 61.8%FR (RM6.07) cushioning downside, while a breakout above the 100-day ma (RM6.66) should target the 100%FP (RM7.05) and 123.6%FP (RM7.66) ahead.
Source: TA Research - 5 Nov 2024
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TJSETIACreated by sectoranalyst | Dec 04, 2024
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