The local market fell but ended off lows on Tuesday, mirroring weaker regional markets on economic growth worries as regional inflation data slumped. The FBM KLCI eased 1.56 points to settle at 1,449.46, off an opening high of 1,451.59 and low of 1,444.58, as losers beat gainers 492 to 369 on higher turnover of 3.54bn shares worth RM2bn.
Better Support at 1,430/1,400; Resistance at 1,465/1,470
Stocks should continue to trend sideways with downward bias as investors remain sidelined pending more economic clues from the region, and ahead of the closely watched US jobs data later this week. Better index chart supports are at 1,430, and 1,400/1,390, while the end June low of 1,370 will act as crucial support. Immediate resistance is still at 1,465/1,470, with the 1,490/1,500 area acting as tougher upside hurdle.
Bargain Maybank & RHB Bank
Maybank will be attractive to bargain for recovery to the upper Bollinger band (RM9.18), with next upside hurdles from the 150%FP (RM9.32) and 161.8%FP (RM9.51) ahead, while uptrend support from the rising 100- day ma (RM8.86) cushions downside. RHB Bank is attractive to bargain at current levels for rebound upside to the 6/11/23 high (RM5.65), with a breakout to aim for the 123.6%FP (RM5.75) and 138.2%FP (RM5.90), while the 200-day ma (RM5.39) cushions downside.
Source: TA Research - 6 Dec 2023
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SUNWAYCreated by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024