The local blue-chip benchmark climbed above the 1,500 level to close at a 14-month high on Monday, lifted by keen bargain hunting interest in the property (+2.6%), telco (+1.4%), plantation (+1.2%) and construction (+1.2%) sectors. The FBM KLCI surged 13.77 points to end near session highs at 1,501.11, off an early low of 1,487.81, as gainers led losers 575 to 456 on total turnover of 4.98bn shares worth RM3.13bn.
A profit-taking consolidation at current levels will be preferred to consolidate recent strong gains and promote a more sustainable uptrend ahead. The immediate overhead index resistance will be at 1,510, which restricted upside in Jan 2023, with next key hurdles seen at 1,520 and 1,550. Immediate chart support is still at 1,480, with better supports at 1,450/1,440 and 1,430.
Gadang shares will need sustained strength above the 76.4%FR (40sen) to fuel further upside momentum and challenge the 15/4/22 high (44sen), with next hurdle at the 123.6%FP (48sen), and solid support from the 100-day ma (33sen) cushioning downside. Gamuda need to overcome the 123.6%FP (RM5.16) to aim for the 138.2%FP (RM5.40) and 150%FP (RM5.59) ahead, with the 100-day ma (RM4.55) providing strong uptrend support.
Source: TA Research - 16 Jan 2024
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TANCOCreated by sectoranalyst | Nov 05, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024