The local benchmark added double-digit gains on Tuesday, as strong buying interest in major banking stocks lift the index higher and in line with firmer regional markets as investors waited for a U.S. inflation report that could shape the Federal Reserve policy. The FBM KLCI surged 19.09 points or 1.26 percent to end at 1,531.37, off an early low of 1,512.63 and high of 1,533.16, as gainers edged losers 634 to 297 on total turnover of 2.1bn shares worth RM2.04bn.
Even as stocks edge higher, underlying caution over the uncertainties over future interest rate hikes should keep buyers in check. Key index supports cushioning downside stays at 1,494, 1,482 and 1,467, the respective 30- day, 50-day and 100-day moving averages, while immediate overhead resistance are revised higher to 1,550, with stronger upside hurdles at 1,580 and 1,618.
A confirmed breakout on Gamuda above the 138.2%FP (RM5.40) would enhance upside momentum for share price to target the 150%FP (RM5.59), with next significant hurdle being the 161%FP (RM5.78). Key retracement support is capped at the 50-day ma (RM4.77). Gadang needs decisive breakout above the upper Bollinger band (41sen) to target the peak of 15/04/22 (44sen) and 123.6%FP (47sen) going forward, while support from the 50%FR (35sen) is padded by the 200-day ma (32sen).
Source: TA Research - 14 Feb 2024
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YTLPOWRCreated by sectoranalyst | Nov 05, 2024
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Created by sectoranalyst | Nov 04, 2024