Bursa Malaysia shares slumped on Monday as geopolitical tensions in the Middle East spiked after Iran's drone and missile strikes on Israel over the weekend. The FBM KLCI fell 8.51 points to end at the day's low of 1,542.53, off an early high of 1,548.34, as losers swarmed gainers 993 to 230 on total turnover of 4.28bn shares worth RM3.25bn.
Stocks should stay in profit-taking consolidation mode with sentiment clouded by heightened Middle East geopolitical tensions and risks for elevated inflation, which could force global interest rates to stay higher for longer. Immediate index supports are at 1,533 and 1,511, the respective rising 50-day and 100-day moving averages, with better support at 1,500. Overhead resistance remains at 1,580, with stronger upside hurdles seen at 1,600 and then 1,620.
Bumi Armada will need sustained strength above the 76.4%FR (63sen) to fuel upside momentum towards the 7/3/23 peak (73sen), while a confirmed breakout should aim for the 123.6%FP (82sen) ahead, with the 200-day ma (53sen) to cushion downside. Dialog need convincing break above the 76.4%FR (RM2.44) to enhance upward momentum towards the 25/1/23 peak (RM2.68), with next key upside hurdle at the 123.6%FP (RM2.92), while the 200-day ma (RM2.10) limits downside risk.
Source: TA Research - 16 Apr 2024
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TROP2024-11-18
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BURSA2024-11-18
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RHBBANK2024-11-18
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SLVEST2024-11-18
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ARMADA2024-11-15
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BURSA2024-11-14
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RHBBANK2024-11-13
CAPITALA2024-11-13
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RHBBANK2024-11-13
SLVEST2024-11-13
SLVEST2024-11-13
SLVEST2024-11-12
HTPADU2024-11-12
HTPADU2024-11-12
HTPADU2024-11-12
MTEC2024-11-12
RHBBANKCreated by sectoranalyst | Nov 22, 2024
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Created by sectoranalyst | Nov 21, 2024