The local market staged a mild rebound Wednesday, led by construction, technology, healthcare and oil & gas stocks, as investors returned to bargain hunt after the recent price corrections. The FBM KLCI rose 5.42 points to settle at 1,540.42, off an intra-day low of 1,532.95 and high of 1,541.88, as gainers led losers 717 to 318 on reduced turnover of 3.45bn shares worth RM2.67bn.
While the market should consolidate on concerns strong US growth and inflation could keep interest rates higher for longer, oil & gas related stocks should see buying support as geopolitical risks in the Middle East stay elevated. Immediate index supports are at 1,533 and 1,512, the respective 50-day and 100-day moving averages, with better support at 1,500. Overhead resistance will be at the recent high of 1,565, with stronger upside hurdles seen at 1,580 and 1,600.
Velesto will need breakout confirmation above the 28/2/24 high (31.5sen) to extend recovery towards the 123.6%FP (37sen) and 138.2%FP (41sen) ahead, with downside cushioned by the 200-day ma (25sen). Meanwhile, Wasco need to overcome the 150%FP (RM1.36) decisively to enhance upside potential towards the 161.8%FP (RM1.42) and 176.4%FP (RM1.51) going forward, while the 100-day ma (RM1.13) should provide strong uptrend support.
Source: TA Research - 18 Apr 2024
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MAXISCreated by sectoranalyst | Nov 05, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024