Given the weak technical momentum and absence of stronger followthrough buying momentum to sustain recent gains on the local market, near-term upside potential will be fragile and prone to profit-taking and selling pressure from market players looking to exit or lighten trading positions. Sentiment-wise, the escalation of geopolitical tension in Gaza strip, rising treasury yields and possibility of further rate hikes by global central bankers are likely to continue dampen sentiment in the immediate term.
As for the index, immediate overhead resistance stays at 1,450, with 1,465/ 1,470, and the 1,490/1,500 area acting as tougher upside hurdles, going forward. Immediate support remains at 1,400, followed by 1,390, and the end June low of 1,370 acting as crucial supports.
Source: TA Research - 23 Oct 2023
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UEMSCreated by sectoranalyst | Sep 30, 2024
Created by sectoranalyst | Sep 30, 2024