Bursa Malaysia shares ended softer on range bound trade Wednesday, as investors traded cautiously ahead to the start of the U.S. Federal Reserve's two-day monetary policy meeting, which will ultimately decide the interest rate direction. Still, the KLCI ended 1.32 points up at 1,436.49, off a high of 1,438.45 and low of 1,432.27, as gainers beat losers 464 to 399 on steady turnover of 3bn shares worth RM2.18bn.
The local market should extend sideways trade amid caution ahead of the US central bank's policy meeting and the inflation data this week, which could decide the direction of a range of interest rates. On the index, immediate overhead resistance remains at 1,450, with 1,465/1,470, and the 1,490/1,500 area acting as tougher upside hurdles. Immediate support stays at 1,400, with 1,390 and the end June low of 1,370 acting as crucial supports.
Further weakness on Genting Berhad would be attractive to bargain for rebound upside, with a confirmed breakout above the 200-day ma (RM4.38) to aim for the 76.4%FR (RM4.56) and RM4.70 ahead, while the 50%FR (RM3.91) cushions downside. Genting Malaysia will need convincing breakout above the 61.8%FR (RM2.60) to enhance upward momentum and target the 76.4%FR (RM2.74) and RM2.90 going forward, while the 38.2%FR (RM2.38) cushion downside.
Source: TA Research - 12 Oct 2023
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WPRTSCreated by sectoranalyst | Sep 30, 2024
Created by sectoranalyst | Sep 30, 2024