The local market remained in narrow range bound trade on Tuesday, with most investors sidelined amid Budget tax uncertainties and global growth and inflation worries. The FBM KLCI settled up 1.25 points at 1,420.01, after moving between opening low of 1,417.94 and high of 1,424.11, as losers beat gainers 545 to 401 on higher turnover of 3.22bn shares worth RM2.21bn.
Stocks should continue drifting sideways amid cautious trading sentiment with concerns over potential Budget tax proposals and global growth uncertainties. Immediate index support is retained at 1,400, with 1,390 and the end June low of 1,370 acting as stronger supports. Immediate overhead resistance is at 1,450, with 1,465/ 1,470, and the 1,490/1,500 area as tougher upside hurdles.
Any weakness on Axiata shares toward the key support area at RM2.30 to 13/10/22 low (RM2.20) would be attractive to bargain for rebound upside towards the 23.6%FR (RM2.58), with the 200-day ma (RM2.76) as next hurdle. CelcomDigi will need breakout confirmation above the upper Bollinger band (RM4.51) to fuel upside momentum towards the 150%FP (RM4.68) and 161.8%FP (RM4.82) ahead, with uptrend support from the 200-day ma (RM4.21) cushioning downside.
Source: TA Research - 4 Oct 2023
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CAPITALA2024-09-25
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BSTEAD2024-09-20
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KLKCreated by sectoranalyst | Sep 30, 2024
Created by sectoranalyst | Sep 30, 2024