Bursa Malaysia shares stuck in narrow range- bound trade Friday investors continued to wind down their investments on the local market ahead of the long Chinese New Year weekend. The FBM KLCI closed flat at 1,512.28 (-0.01) after ranging between early high of 1,514.72 and low of 1,509.56, as gainers edged losers 530 to 313 on slower turnover of 1.86bn shares worth RM1.09bn.
Stocks should trade sideways with downside bias given the weak buying momentum at current levels, as investors stayed cautious over the Federal Reserve's stance on interest rates and China's patchy economic recovery. Key index supports cushioning downside will be at 1,493, 1,482 and 1,467, the respective rising 30-day, 50-day and 100-day moving averages, while immediate overhead resistance remains at 1,520, with stronger upside hurdles at 1,550 and 1,580.
AMMB needs decisive breakout above the 150%FP (RM4.60) to enhance upside potential towards the 161.8%FP (RM4.73), with stronger upside hurdle coming at the 176.4%FP (RM4.90), going forward. Crucial chart supports at 100-day ma (RM3.93) and 76.4%FR (RM3.76) limits downside risk. Likewise, CIMB will need breakout confirmation above the 176.4%FP (RM6.59) to boost upside momentum towards the 200%FP (RM6.91), with next major resistance from the 223.6%FP (RM7.22), and immediate supports at 138.2%FP (RM6.09) and 123.6%FP (RM5.89).
Source: TA Research - 13 Feb 2024
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UZMACreated by sectoranalyst | Sep 24, 2024