Stocks drifted lower on Wednesday, as investors remained wary over China's October factory activity contraction and ahead of the US Federal Reserve's decision on interest rates. The FBM KLCI fell 6.81 points to close at 1,435.33, off an early high of 1,441.59 and low of 1,434.93, as losers beat gainers 562 to 319 on lower turnover of 2.8bn shares worth RM1.8bn.
The local market should stay range bound pending monetary policy decisions from key global central bankers, and ahead of Bank Negara's monetary policy statement. Immediate overhead resistance for the index 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, followed by 1,390, with the end June low of 1,370 acting as crucial support.
SKP Resources is ripe for oversold rebound after the recent selldown, with key supports from the lower Bollinger band (77sen) and 70sen cushioning downside, while resistance at 92sen and the 76.4%FR (RM1.02) restrict near-term upside. VSI should rebuild support at current levels, with downside cushioned by the 200-day ma (88sen) and 85sen, and immediate upside hurdles seen at the 38.2%FR (97sen) and 50%FR (RM1.04).
Source: TA Research - 2 Nov 2023
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YTLPOWRCreated by sectoranalyst | Sep 24, 2024