The local market fell on Wednesday, with sentiment dented by waning market momentum across the region as investors weighed chances that the Federal Reserve could delay cutting interest rates in June. The FBM KLCI lost 10.98 points to settle at the day's low of 1,537.01, off a high of 1,548.42, as losers led gainers 592 to 480 on higher turnover of 4.26bn shares worth RM2.87bn.
Lingering concerns about the outlook for interest rates following a recent increase in treasury yields should see stocks retrace further as external sentiment deteriorates. Overhead 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. Immediate index supports stays at 1,532 and 1,497, the respective rising 50-day and 100-day moving averages, with better support seen at 1,480.
Axiata looks attractive to bargain for rebound upside towards the 50%FR (RM2.94), with a confirmed breakout to aim for the 61.8%FR (RM3.13) and 76.4%FR (RM3.37) going forward. Crucial support is from the 23.6%FR (RM2.51). Meantime, CelcomDigi needs convincing breakout above the 138.2%FR (RM4.48) to target the 150%FR (RM4.61) and 161.8%FP (RM4.74) ahead, while key retracement supports are from the 76.4%FR (RM3.79) and 61.8%FR (RM3.62).
Source: TA Research - 4 Apr 2024
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TENAGACreated by sectoranalyst | Nov 05, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024