Stocks stalled for profit-taking consolidation on Wednesday, as investors turned cautious following the ringgit's fall to the lowest since the Asian financial crisis, and await further cues on the US interest rate direction. The FBM KLCI slipped 3.19 points to close at 1,552.40, after ranging between early high of 1,554.95 and low of 1,547.49, as losers beat gainers 652 to 386 on steady turnover of 3.65bn shares worth RM2.71bn.
The local market should pause for profit-taking breather and turn cautious after the index's rally to a 21-month high, given the ringgit's weakness and pending stronger clues on US interest rate policy. Immediate resistance is retained at 1,580, with stronger upside hurdles coming at 1,600 and 1,620. Key supports cushioning downside on profit-taking pullbacks will be at 1,534, 1,511 and 1,497, the respective rising 10-day, 30-day and 50- day moving averages.
Globetronics appear attractive to bargain at current levels for recovery upside towards the 61.8%FR (RM1.63) and 76.4%FR (RM1.79) ahead, with downside cushioned by the 38.2%FR (RM1.37). Inari will need breakout confirmation above the 61.8%FR (RM3.28) to fuel further upside momentum towards the 76.4%FR (RM3.55) and 22/11/21 high (RM4.00) going forward, with the 100-day ma (RM2.99) and 200-day ma (RM2.86) cushioning downside.
Source: TA Research - 22 Feb 2024
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KLKCreated by sectoranalyst | Nov 05, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024