Bursa Malaysia shares drifted sideways in listless trade on Tuesday, given the lack of local market leads with most investors away for the weekend Christmas and Boxing Day holidays. The FBM KLCI dipped 3.6 points to end at the day's low of 1,450.78, off an early high of 1,456.66, as losers edged gainers 426 to 397 on moderate turnover of 2.93bn shares worth RM1.97bn.
Stocks should stay range bound pending the eventual return of windowdressing ahead of the year-end to lift the market from present consolidation. As for the index, it will need to hold above the 1,450 immediate support level to prevent further dip toward better supports at 1,440 and 1,430, while 1,400/1,390 should act as stronger support. A convincing breakout above 1,470 will encourage further gain towards the 1,490/1,500 level, where it may end the year as window-dressing activity returns.
Axiata need to overcome the upper Bollinger band (RM2.47) to enhance upside momentum towards the 200-day ma (RM2.61) and tougher hurdle from the 38.2%FR (RM2.82), while key chart supports are at the lower Bollinger band (RM2.26) and 31/10/23 low (RM2.16). CelcomDigi needs a breakout confirmation above the 200-day ma (RM4.24) to fuel further upside towards the 123.6%FP (RM4.35) and 138.2%FP (RM4.52) ahead, with downside cushioned by the lower Bollinger band (RM4.01).
Source: TA Research - 27 Dec 2023
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