Bursa Malaysia shares were stuck in range bound trade on Monday before late buying in plantation and utility blue chips lifted the blue-chip benchmark index to end at the session's high. The FBM KLCI closed up 4.42 points at 1,446.39, off an intra-day low of 1,440.4, as gainers led losers 483 to 397 on total turnover of 3.81bn shares worth RM2.47bn.
The local market should rise in line with the region ahead of the closely watched US inflation data and FOMC meeting, amid increasing optimism the US Federal Reserve may eventually pivot towards rate cuts sometime next year. On the index, immediate resistance remains at 1,465/1,470, with the 1,490/1,500 area acting as tougher upside hurdle. Better chart supports are at 1,430, and then 1,400/1,390, while the end June low of 1,370 will act as crucial support.
MRCB will need to overcome strong profit-taking resistance at the upper Bollinger band (46sen) and 123.6%FP (48sen) before aiming for the 138.2%FP (51sen) and 150%FP (53sen) going forward, while retracement supports from the 76.4%FR (40sen) and 61.8%FR (38sen) cushion downside. UEM Sunrise need decisive breakout above the 50-day ma (78sen) to target immediate upside hurdles at 80sen/85sen and the 123.6%FP (89sen) ahead, while the lower Bollinger band (66sen) and 76.4%FR (64sen) limits downside risk.
Source: TA Research - 12 Dec 2023
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