Bursa Malaysia shares closed mixed on Monday, with most investors sidelined while awaiting more leads from key global central bank meetings on inflation and interest rate trends. The FBM KLCI ended up 1.25 points at 1,539.27, after moving within early high of 1,574.1 and low of 1,537.03, as losers edged gainers 536 to 426 on total turnover of 3.33bn shares worth RM2.56bn.
Stocks should extend range bound trade on prevailing caution over the US and European central banks' signalling on inflation upside risks and interest rate guidance. Stronger index supports cushioning downside on further profit-taking pullbacks will be at 1,525, 1,510 and 1,487, the respective 30-day, 50-day and 100-day moving averages. Immediate resistance will be from the recent 21-month high of 1,559, followed by 1,580, with stronger upside hurdle seen at the 1,600 level.
Gamuda need breakout confirmation above the 138.2%FP (RM5.32) to extend higher towards the 150%FP (RM5.50) and 161.8%FP (RM5.70) ahead, while downside should be capped by the 50-day ma (RM4.92) and 100-day ma (RM4.72). Maybank will need decisive breakout above the 138.2%FP (RM9.62) to enhance upside momentum and aim for the 150%FP (RM9.76) and 161.8%FP (RM9.90) going forward, with uptrend support from the rising 30-day ma (RM9.34) and 50-day ma (RM9.20) cushioning downside.
Source: TA Research - 5 Mar 2024
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SMRTCreated by sectoranalyst | Nov 05, 2024
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Created by sectoranalyst | Nov 04, 2024