Blue chips fell for profit-taking correction on Thursday, tracking overnight US and regional markets lower, as lacking window-dressing action discouraged bargain hunting. The FBM KLCI shed 8.98 points to close at 1,455.58, off an opening high of 1,463.17 and low of 1,454.97, as losers beat gainers 435 to 390 on lower turnover of 3.06bn shares worth RM2.09bn.
The local market should extend profit-taking consolidation ahead of the weekend, given the weak buying momentum and as investors await key US economic GDP data and inflation readings for leads. Immediate index resistance remains at 1,470, with the 1,490/1,500 level as next resistance area, while immediate support is at 1,450, with better supports at 1,430, and then 1,400/1,390.
Globetronics will be attractive to bargain on further dips, with key retracement support at the 50%FR (RM1.50) cushioning downside, for rebound upside towards resistance from the 76.4%FR (RM1.79), RM1.92 and the 27/9/21 high (RM2.04) going forward. Unisem need convincing breakout above the 61.8%FR (RM3.40) to enhance upside momentum towards the 76.4%FR (RM3.74) and 22/11/21 high (RM4.28) ahead, while the 200-day moving average (RM3.11) limits downside risk.
Source: TA Research - 22 Dec 2023
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OIBCreated by sectoranalyst | Nov 08, 2024