Contrasting signals on technical momentum indicators on the FBM KLCI following last week's rebound from a two-month low suggests that recovery momentum may prove fleeting, as trend indicators continue to weaken, implying limited or short-term buying commitments which should dissipate at higher levels. Meantime, continued ringgit weakness on the back of the second Trump administration which could sustain higher inflation and interest rates for the US economy should dampen near-term recovery momentum.
On the index, immediate resistance is seen at 1,648, with tougher upside hurdles at 1,660 and 1,675. Key chart supports are at the 1,600 psychological level, while the 200-day moving average level, now at 1,594, must hold to prevent further downward correction potential to next retracement support at 1,575, the 76.4%FR level.
As for stock picks for this week, selective banking, healthcare, technology and utility players should see fresh bargain hunting interest following recent sharp profit-taking corrections.
Source: TA Research - 11 Nov 2024
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99SMART2024-11-25
CARLSBG2024-11-25
FAJAR2024-11-25
HTPADU2024-11-25
JFTECH2024-11-25
MAXIS2024-11-25
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PENERGY2024-11-25
WPRTS2024-11-25
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WPRTS2024-11-22
HTPADU2024-11-22
HTPADU2024-11-22
HTPADU2024-11-22
HTPADU2024-11-22
HTPADU2024-11-22
HTPADU2024-11-22
HTPADU2024-11-22
WPRTS2024-11-22
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WPRTS2024-11-21
DPHARMA2024-11-21
FAJAR2024-11-21
HTPADU2024-11-21
HTPADU2024-11-21
HTPADU2024-11-21
MAXIS2024-11-21
PENERGY2024-11-21
SCABLE2024-11-21
SCABLE2024-11-21
SCABLE2024-11-21
WPRTS2024-11-21
WPRTS2024-11-21
WPRTS2024-11-21
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DPHARMA2024-11-20
SCABLE2024-11-20
WPRTS2024-11-20
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WPRTS2024-11-19
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WPRTS2024-11-19
WPRTS2024-11-19
WPRTS2024-11-19
WPRTS2024-11-18
CYPARK2024-11-18
PENERGY2024-11-18
PENERGY2024-11-18
PENERGY2024-11-18
WPRTS2024-11-18
WPRTS2024-11-18
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WPRTS2024-11-15
DPHARMA2024-11-15
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MAXIS2024-11-15
WPRTS2024-11-15
WPRTS2024-11-15
WPRTS2024-11-15
WPRTS2024-11-15
WPRTS2024-11-14
CARLSBG2024-11-14
CARLSBG2024-11-14
CARLSBG2024-11-14
CYPARK2024-11-14
MAXIS2024-11-13
DPHARMA2024-11-13
FAJAR2024-11-13
FAJAR2024-11-13
FAJAR2024-11-12
CARLSBG2024-11-12
CARLSBG2024-11-12
DPHARMA2024-11-12
HTPADU2024-11-12
HTPADU2024-11-12
HTPADU2024-11-12
MAXIS2024-11-12
WPRTSCreated by sectoranalyst | Nov 25, 2024
Created by sectoranalyst | Nov 25, 2024
Created by sectoranalyst | Nov 25, 2024