Bursa Malaysia shares ended lower on Thursday, as the impending Trump presidency raised concerns over more protectionist trade policies coming from the US among investors in the region. The FBM KLCI dipped 10.89 points to close at 1,623.28, off an early high of 1,639.55 and low of 1,622.75, as losers beat gainers 641 to 466 on higher trade totaling 3.78bn shares worth RM3.42bn.
Market sentiment should be buoyed by the dovish guidance from the US Federal Reserve on lowering interest rates and more pro-business policies under a Trump presidency. Immediate index resistance is set at the recent high of 1,648, with the next upside hurdles seen at 1,660 and 1,675. Immediate support stays at the 1,600 psychological level, with the next crucial support coming in at the 200-day moving average level of 1,593, and next at 1,575, the 76.4%FR level.
AMMB would need to overcome the 161.8%FP (RM5.45) to extend upside momentum towards the 176.4%FP (RM5.66), with stronger resistance seen at the 200%FP (RM5.99), and key chart supports coming from the lower Bollinger band (RM5.04) and 123.6%FP (RM4.91). RHB Bank needs sustained breakout above the 123.6%FP (RM6.66) to boost uptrend momentum towards the 138.2%FP (RM6.85), with next hurdle at the 150%FP (RM7.01), while uptrend support from the 50-day ma (RM6.23) and 76.4%FR (RM6.03) cushion downside.
Source: TA Research - 8 Nov 2024
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