The local blue-chip benchmark climbed to reach a fresh 21-month high Tuesday, supported by buying in key construction, plantation and utility heavyweights, while the broader market extended consolidation. The FBM KLCI ended up 11.2 points at 1,558.80, off an opening low of 1,545.16 and high of 1,559.02, but losers edged gainers 570 to 548 on active trade totalling 3.88bn shares worth RM3.09bn.
The broader market should extend sideways trade pending fresh domestic catalysts to lift stocks from current consolidation, while investors await more cues from the region on the inflation trend. Key index supports cushioning downside on profit-taking pullbacks will be at 1,543, 1,520 and 1,505, 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.
SunCon will need decisive breakout above the 21/2/24 high (RM2.79) to extend rally and aim for the 176.4%FP (RM2.87) and 200%FP (RM3.05) ahead, with immediate support from the 123.6%FP (RM2.46) to cushion profit-taking dips. WCT Holdings need to overcome the upper Bolllinger band (57sen) to aim for the 76.4%FR (61sen), with tougher hurdle from the 15/10/21 high (69sen), while the 50%FR (52sen) and 200-day ma (49sen) cushion downside.
Source: TA Research - 28 Feb 2024
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UNISEMCreated by sectoranalyst | Nov 13, 2024
Created by sectoranalyst | Nov 13, 2024
Created by sectoranalyst | Nov 12, 2024