Blue chips were range bound on Tuesday, as early gains gave way to profittaking amid prevailing worries over China's economic growth momentum and potential rise in US-China trade tensions. The FBM KLCI slipped 0.83 to close at 1,608.43, after ranging within early high of 1,615.96 and low of 1,605.43, as losers beat gainers 602 to 413 on improved trade totaling 2.99bn shares worth RM2.54bn.
Stocks should extend drift down amid lingering concerns over China's growth potential given the absence of significant stimulus to boost the economy. Immediate index support stays at the 1,600 psychological level, with the next crucial support coming in at the 200-day moving average level of 1,595, and next at 1,575, the 76.4%FR level. Immediate resistance is at the recent high of 1,648, with the next upside hurdles seen at 1,660 and 1,675.
CIMB would need to overcome the 20/09/24 high (RM8.50) to extend upside momentum towards the 176.4%FP (RM8.70), with stronger resistance seen at the 200%FP (RM9.28), and crucial support coming from the 150%FP (RM8.05) and 138.2%FP (RM7.75). Maybank shares need sustained breakout above the 138.2%FP (RM10.58) to boost potential upside towards the upper Bollinger band (RM10.74), with next hurdle at the 150%FP (RM10.83), while support at the lower Bollinger band (RM10.35) the 123.6%FP (RM10.28) cushion downside.
Source: TA Research - 13 Nov 2024
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