Blue chips climbed on Monday, led by construction, utility, plantation and oil & gas heavyweights, as trading momentum persisted on economic recovery and infrastructure plays. The FBM KLCI rose 8.09 points to close at 1,495.70, off an opening low of 1,488.60 and high of 1,498.52, as gainers led losers 628 to 470 on robust trade totalling 6.96bn shares worth RM4.21bn.
Given the recent strong gains and overbought momentum, stocks should be due for profit-taking pullback, which will be healthy to consolidate gains. On the index, further rise toward the 1,500 levels which capped upside in Jan 2023, and next hurdle at 1,520, may see it stalling for profittaking consolidation. Immediate chart supports are revised upwards to 1,480, and 1,450, with better supports at 1,440 and 1,430.
Globetronics will need breakout confirmation above the 76.4%FR (RM1.79) to aim higher and target RM1.92 and the 27/9/21 high (RM2.04) ahead, while the 100-day ma (RM1.54) cushions downside. Unisem need convincing breakout above the 61.8%FR (RM3.40) to aim for the 76.4%FR (RM3.74) and 22/11/21 high (RM4.28) going forward, with the 200-day ma (RM3.12) cushioning downside risk.
Source: TA Research - 9 Jan 2024
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AIZO2024-11-05
KERJAYA2024-11-04
AXIATA2024-11-04
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CAPITALA2024-11-04
KERJAYA2024-11-01
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KERJAYA2024-10-30
AIZO2024-10-30
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KERJAYA2024-10-28
AIZO2024-10-28
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AXIATA2024-10-28
AXIATA2024-10-28
CAPITALA2024-10-28
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CAPITALA2024-10-28
KERJAYA2024-10-25
AXIATA2024-10-25
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CAPITALA2024-10-25
KERJAYA2024-10-25
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KERJAYACreated by sectoranalyst | Nov 05, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024