With short and medium-term technical momentum indicators hooking up following the subsequent recovery from a mid-week selloff, the technical picture on the local market remains supportive for further recovery ahead. Nonetheless, given the still fragile external market tone, following uncertainty over the US Federal Reserve's keenly awaited guidance on the timeline for interest rate cuts due to recent hotter-than-expected inflation numbers, investor sentiment should stay cautious.
Stronger index supports cushioning downside will be at 1,533, 1,520 and 1,496, the respective rising 30-day, 50-day and 100-day moving averages. Immediate resistance remains at the recent 21-month high of 1,559, followed by 1,580, with stronger upside hurdle seen at the 1,600 level.
As for stocks picks this week, selected gaming, oil & gas, semiconductor and blue chip heavyweights such as Genting Berhad, Genting Malaysia, DNEX, Wasco, Globetronics, Unisem, Sime Darby and Tenaga Nasional should see investors return to bargain hunt for rotational and laggard plays going forward.
Source: TA Research - 18 Mar 2024
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AAX2024-11-21
AXIATA2024-11-21
BNASTRA2024-11-21
FAJAR2024-11-21
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KPJ2024-11-21
KPJ2024-11-21
KPJ2024-11-21
PETGAS2024-11-21
PETGAS2024-11-21
RHBBANK2024-11-21
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TENAGA2024-11-21
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TENAGA2024-11-21
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TENAGA2024-11-21
UEMS2024-11-20
AAX2024-11-20
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AXIATA2024-11-20
BNASTRA2024-11-20
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CDB2024-11-20
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KPJ2024-11-20
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PETGAS2024-11-20
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RHBBANK2024-11-20
TENAGA2024-11-20
TENAGA2024-11-20
TENAGA2024-11-19
AAX2024-11-19
AIRPORT2024-11-19
AXIATA2024-11-19
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CDB2024-11-19
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KPJ2024-11-19
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MICROLN2024-11-19
MNHLDG2024-11-19
PARKSON2024-11-19
PETGAS2024-11-19
PETGAS2024-11-19
RHBBANK2024-11-19
RHBBANK2024-11-19
TENAGA2024-11-19
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AIRPORT2024-11-18
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CDB2024-11-18
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KPJ2024-11-18
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PETGAS2024-11-18
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RHBBANK2024-11-18
RHBBANK2024-11-18
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TENAGA2024-11-18
TENAGA2024-11-18
TENAGA2024-11-18
TENAGA2024-11-18
UEMS2024-11-15
AIRPORT2024-11-15
AXIATA2024-11-15
KPJ2024-11-15
KPJ2024-11-15
PETGAS2024-11-15
PETGAS2024-11-15
RHBBANK2024-11-15
TENAGA2024-11-15
TENAGA2024-11-15
TENAGA2024-11-15
TENAGA2024-11-14
KPJ2024-11-14
KPJ2024-11-14
KPJ2024-11-14
PETGAS2024-11-14
PETGAS2024-11-14
RHBBANK2024-11-14
RHBBANK2024-11-14
TENAGA2024-11-14
TENAGA2024-11-14
TENAGA2024-11-14
TENAGA2024-11-14
TENAGA2024-11-14
TENAGA2024-11-14
TENAGA2024-11-13
CDB2024-11-13
CDB2024-11-13
FAJAR2024-11-13
FAJAR2024-11-13
FAJAR2024-11-13
KPJ2024-11-13
KPJ2024-11-13
PETGAS2024-11-13
PETGAS2024-11-13
RHBBANK2024-11-13
TENAGA2024-11-13
TENAGA2024-11-13
TENAGA2024-11-13
TENAGA2024-11-13
TENAGA2024-11-12
AXIATA2024-11-12
AXIATA2024-11-12
CDB2024-11-12
CDB2024-11-12
KPJ2024-11-12
KPJ2024-11-12
KPJ2024-11-12
KPJ2024-11-12
PETGAS2024-11-12
PETGAS2024-11-12
RHBBANK2024-11-12
TENAGA2024-11-12
TENAGA2024-11-12
TENAGA2024-11-12
TENAGA2024-11-12
TENAGA2024-11-12
TENAGA2024-11-12
TENAGA2024-11-12
UEMS2024-11-11
AXIATA2024-11-11
CDB2024-11-11
CDB2024-11-11
FAJAR2024-11-11
FAJAR2024-11-11
FAJAR2024-11-11
KPJ2024-11-11
KPJ2024-11-11
KPJ2024-11-11
PETGAS2024-11-11
PETGAS2024-11-11
RHBBANK2024-11-11
RHBBANK2024-11-11
TENAGA2024-11-11
TENAGACreated by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024