Bursa Malaysia shares closed almost unchanged on Monday, as market undertone remained cautious while investors await key central bank policy meetings in Japan and the US. The FBM KLCI ended up 0.81 points at 1,553.64, off an early low of 1,544.32 and high of 1,557.33, as gainers led losers 546 to 480 on total turnover of 4.24bn shares worth RM2.79bn.
The local market should trade sideways as investors keenly await guidance from key central bank meetings in Japan and the US for further leads. Stronger index supports cushioning downside will be at 1,534, 1,521 and 1,497, 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.
Globetronics will be attractive to bargain on weakness towards the key retracement support of 38.2%FR (RM1.28), for rebound upside towards the 61.8%FR (RM1.48), with tougher hurdles at the 76.4%FR (RM1.60) and 18/12/23 high (RM1.80). Unisem will need to overcome profit-taking resistance near the 76.4%FR (RM3.74) to enable further rise towards RM4.00 and the 22/11/21 high (RM4.28), while the 200-day ma (RM3.21) provide uptrend support.
Source: TA Research - 19 Mar 2024
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KGBCreated by sectoranalyst | Nov 05, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024