The local market ended lower on Tuesday, falling in line with weaker regional peers, on concerns the US central bank may decide to keep interest rates at current levels for longer given the elevated inflation. The FBM KLCI fell 8.68 points to settle at the day's low of 1,544.96, off an early high of 1,552.1, but gainers edged losers 510 to 502 on lower turnover of 4.05bn shares worth RM3.08bn.
Stocks should stay range bound pending more solid guidance from the US Federal Reserve for a clear path on interest rate direction amid stubborn inflation. Stronger index supports cushioning downside will be at 1,535, 1,522 and 1,498, 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.
DNEX shares need breakout confirmation above the 100-day ma (38sen) to spark further recovery towards the 200-day ma (42sen), with next hurdle seen at 46sen, while the pivot low of 18/1/24 (31.5sen) limits downside risk. Wasco will need to climb above the upper Bollinger band (RM1.31) to enhance upside momentum towards the 150%FP (RM1.36) and 161.8%FP (RM1.43) ahead, while uptrend support will be from the rising 100-day ma (RM1.08).
Source: TA Research - 20 Mar 2024
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DNEX2024-11-21
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SCABLE2024-11-21
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SMI2024-11-21
UZMA2024-11-21
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YNHPROP2024-11-21
YTLPOWR2024-11-20
IJM2024-11-20
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RHBBANK2024-11-20
SCABLE2024-11-20
UZMA2024-11-19
HTPADU2024-11-19
IJM2024-11-19
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IJM2024-11-18
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RHBBANK2024-11-15
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UZMA2024-11-15
YTLPOWR2024-11-15
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YTLPOWR2024-11-14
IJM2024-11-14
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RHBBANK2024-11-14
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UZMA2024-11-14
YTLPOWR2024-11-13
IJM2024-11-13
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IJM2024-11-13
RHBBANK2024-11-13
UZMA2024-11-13
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DNEX2024-11-12
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EIB2024-11-12
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FGV2024-11-12
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RHBBANK2024-11-12
YTLPOWR2024-11-11
HTPADU2024-11-11
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HTPADU2024-11-11
IJM2024-11-11
IJM2024-11-11
RHBBANK2024-11-11
RHBBANK2024-11-11
SCABLE2024-11-11
SCABLE2024-11-11
SCABLE2024-11-11
UZMA2024-11-11
YTLPOWRCreated by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024