Stocks rose further on Tuesday, with certain small caps recouping some of their recent heavy losses due to oversold rebound and light bargain hunting interest. The FBM KLCI added 4.92 points to settle at 1,496.11, off an early low of 1,490.2 and high of 1,500.39, as gainers led losers 511 to 470 on higher turnover of 5.16bn shares worth RM3.33bn.
The local market should move into recovery mode, with the reversal of recent heavy losses on selected small cap stocks and rotational plays to encourage bargain hunting. Immediate overhead resistance on the index stays at the 1,500/1,510 zone, with next key hurdles seen at 1,520 and 1,550. Key chart supports cushioning downside will be at 1,475, 1,468 and 1,457, the respective 30-day, 50-day and 100-day moving averages.
Sunway Construction need sustained strength above the 150%FP (RM2.30) to enhance upward momentum towards the 161.8%FP (RM2.38) and 176.4%FP (RM2.46) ahead, with the rising 50-day ma (RM1.98) providing uptrend support. WCT Holdings will need to overcome the 61.8%FR (56sen) to fuel further recovery and aim for the 76.4%FR (61sen) and the 15/10/21 high (69sen) going forward, while the 200-day ma (48sen) limits downside risk.
Source: TA Research - 24 Jan 2024
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TENAGACreated by sectoranalyst | Nov 05, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024