Bursa Malaysia shares ended softer on Monday as profit-taking consolidation persisted while investors await the release of inflation prints from key global economies for leads. The FBM KLCI slipped 1.51 points to close at 1,547.60, off an early high of 1,553.90 and low of 1,544.47, as losers beat gainers 633 to 443 on total turnover of 3.74bn shares worth RM3.12bn.
Stocks should trade sideways to neutralize overbought conditions from recent gains, and pending emergence of positive domestic catalysts to lift the market from consolidation. Key index supports cushioning downside on profit-taking pullbacks will be at 1,540, 1,518 and 1,503, the respective rising 10-day, 30-day and 50-day moving averages. Immediate resistance remains at 1,580, with stronger upside hurdles coming at 1,600 and 1,620.
Bumi Armada need to climb above the 76.4%FR (63sen) to fuel further upside towards the 7/3/23 high (73sen), with next hurdle from the 123.6%FP (82sen), while downside risk should be capped by the 50%FR (52sen). Velesto will need confirmed breakout above the 27/2/23 high (28.5sen) to enhance upside momentum towards 32sen, the 123.6%FP (34sen) and 138.2%FP (36sen) ahead, while the 200-day ma (24sen) cushions downside.
Source: TA Research - 27 Feb 2024
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PETDAGCreated by sectoranalyst | Nov 22, 2024
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