Trend indicators on the FBM KLCI continued to strengthen after it climbed up to a fresh 20-month high last Friday, but accelerating overbought momentum conditions point to profit-taking consolidation which is key to support a more sustainable uptrend going forward. As such, it will be crucial for more positive domestic catalysts to sustain the uptrend, such as the proposed high speed rail from KL to Singapore and the Johor/Singapore Special Economic Zone. Meantime, with stronger-than-expected US wholesale inflation to further push expectations for a rate cut towards the later part of the year, investors are likely to stay put while assessing the latest corporate results coming from the US and locally.
Immediate overhead resistance for the index is still at 1,550, with stronger upside hurdles coming at 1,580 and 1,600. Key uptrend supports cushioning downside will be at 1,503, 1,490 and 1,473, the respective rising 30-day, 50-day and 100-day moving averages.
As for stocks picks this week, selected telco, oil & gas, gaming and semiconductor related counters such as Axiata, CelcomDigi, DNEX, Wasco, Genting Berhad, Genting Malaysia, Globetronics and Inari Amertron should attract bargain hunters to return and accumulate for further upside going forward.
Source: TA Research - 19 Feb 2024
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