Blue chips eased into sideways trade on Tuesday, as profit-taking checked optimism over potential for interest rate cuts in the US sometime next year, while window-dressing support cushioned falls. The FBM KLCI ended almost flat at 1,465.67 (+0.39) after being stuck between narrow range of 1,464.65 low and high of 1,467.61, as gainers led losers 474 to 431 on lower turnover of 3.71bn shares worth RM2.41bn.
The local market should fall into a near-term profit-taking consolidation, with uncertainty over the timeline for interest rate cuts next year stalling upside, while window-dressing interest cushion downside. The index will need breakout confirmation above the 1,465/1,470 immediate resistance area to fuel further upside towards the 1,490/1,500 next resistance area. Immediate support is at 1,450, with better chart supports at 1,430, and then 1,400/1,390.
Profit-taking pullbacks on Hartalega will be attractive to bargain, with key chart supports at the mid-Bollinger band (RM2.50) and 61.8%FR (RM2.40), for recovery upside towards the June 2022 high (RM3.01), RM3.20 and 123.6%FP (RM3.38) ahead. Kossan Rubber should also see keen buying interest on dips nearer to the midBollinger band (RM1.71) or 61.8%FR (RM1.64), while key resistance checking upside will be the April 2022 high (RM2.09) and 123.6%FP (RM2.36).
Source: TA Research - 20 Dec 2023
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