Stocks extended profit-taking consolidation on Wednesday and ahead of the City Day holiday, with most investors sidelined while awaiting the outcome of the US central bank's first monetary policy meeting of the year. The FBM KLCI ended flat at 1,512.98 (+0.23), after swinging between low of 1,509.55 and high of 1,516.4, as losers beat gainers 635 to 401 on cautious trade totalling 3.67bn shares worth RM2.86bn.
The local market should stay range bound ahead of the weekend break, as investors pore over the US Federal Reserve's monetary policy stance, and await further domestic market leads. Immediate overhead resistance for the index stays at 1,520, with stronger hurdles coming at 1,550 and 1,580. Key chart supports cushioning downside will be at 1,486, 1,476 and 1,462, the respective 30-day, 50-day and 100-day moving averages.
Hartalega needs confirmed breakout above the upper Bollinger band (RM3.00) to enhance upside momentum towards RM3.20 and the 123.6%FP (RM3.44) going forward, while the 50-day ma (RM2.66) and 61.8%FR (RM2.42) cushions downside. Kossan Rubber will require convincing breakout above the recent high of RM2.17 to sustain further uptrend and aim for the 138.2%FP (RM2.31) and 150%FP (RM2.43) ahead, with the rising 50-day ma (RM1.85) providing uptrend support.
Source: TA Research - 2 Feb 2024
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YINSONCreated by sectoranalyst | Nov 22, 2024
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