The local market drifted lower on Thursday, with worries over weaker oil prices and China's slowing economy due to the fragile property market dampening market tone. The FBM KLCI lost another 2.97 points to close at 1,442.85, off an early high of 1,447.66 and low of 1,441.02, as losers swarmed gainers 603 to 322 on higher trade totalling 3.01bn shares worth RM1.98bn.
Stocks should extend drift-down ahead of the weekend on lack of positive domestic market leads, and as investors brace themselves for the closely watched US jobs data for clues on the US inflation trend. 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.
AMBank need breakout confirmation above the 28/11/23 high (RM4.10) to fuel further upside momentum towards the 123.6%FP (RM4.36) and 138.2%FP (RM4.53) ahead, while downside is cushioned by the 100-day ma (RM3.80). CIMB will be attractive to bargain on weakness for eventual breach above the 123.6%FP (RM5.90) to aim for 138.2%FP (RM6.09) and 150%FP (RM6.24) going forward, while uptrend support from the rising 100-day ma (RM5.55) cushions downside.
Source: TA Research - 8 Dec 2023
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CAPITALA2024-10-25
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MAYBANK2024-10-25
MAYBANKCreated by sectoranalyst | Nov 05, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024