Blue chips were range bound Tuesday, but late bargain hunting interest in key banking, plantation and telco heavyweights lifted the index for a firm close. The FBM KLCI rose 4.27 points to end at the day's high of 1,620.70, off an early low of 1,613.91, as gainers edged losers 512 to 476 on moderate turnover of 2.59bn shares worth RM2.47bn.
The overnight rally on Wall Street should cushion the lacklustre local market today, but the undertone remains cautious as investors refrain from trading commitments amid clueless market direction on the local front. Immediate index resistance remains at last week's high of 1,630, then 1,648, with the next upside hurdles at 1,660 and 1,675. Immediate support stays at the 1,600 psychological level, with next crucial support coming in at the 200-day moving average level of 1,592, and next at 1,575, the 76.4%FR level.
Hartalega needs breakout confirmation above the 123.6%FP (RM3.44) to boost upside momentum towards the 138.2%FP (RM3.68) and 150%FP (RM3.87), while downside risk is restricted by the 100%FP (RM3.05) and 50-day moving average (RM2.86). Meanwhile, Kossan will need to surpass the 76.4%FR (RM2.41) to fuel further upside towards RM2.60, and the 100%FP (RM2.80) ahead, with the 50-day moving average (RM1.99) and 38.2%FR (RM1.78) acting as important chart supports.
Source: TA Research - 6 Nov 2024
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SIMEPROPCreated by sectoranalyst | Nov 06, 2024
Created by sectoranalyst | Nov 05, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024