Stocks closed mixed on Thursday as investors digested the final batch of the current corporate earnings season and await the keenly anticipated US PCE price index for inflation leads. The FBM KLCI gained 5.85 points to close at 1,551.44, after moving between early low of 1,544.67 and high of 1,554.79, but losers beat gainers 679 to 370 on active trade totalling 5.34bn shares worth RM7.01bn.
The local market should stay range bound ahead of the weekend, with investors closely monitoring key inflation data from the US for stronger cues on the inflation and interest rate trend. Key index supports cushioning downside on profit-taking pullbacks will be at 1,545, 1,524 and 1,508, 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.
MRCB will be attractive to bargain on further weakness for rebound upside towards the 150%FP (62sen), with tougher hurdles seen at the 161.8%FP (65sen) and 176.4%FP (69sen), with support from the 50-day ma (54sen) and 51sen cushioning downside. UEM Sunrise need sustained strength above the 123.6%FP (RM1.11) to fuel further upside momentum and target the 138.2%FP (RM1.21) and 150%FP (RM1.30) ahead, while support at 94sen and the 100-day ma (87sen) should cap downside risk.
Source: TA Research - 1 Mar 2024
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MRCB2024-10-25
SPSETIACreated by sectoranalyst | Nov 05, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024