As short-term technical momentum indicators turn positive due to the FBM KLCI's rebound off lows from a mid-week selloff, there may be further near-term upside bias for the index this week. Nonetheless, absence of strong buying interest and positive local market catalysts will mean that rebound momentum will fizzle out, what with adverse foreign market sentiment with regard to the elevated Middle East geopolitical situation and increasing possibility that US interest rates will stay higher for longer with any rate cuts likely delayed to 2025 expected to dampen market tone.
Immediate overhead resistance for the index will be from the recent high of 1,565, with stronger upside hurdles seen at 1,580 and then 1,600. Immediate supports remain at 1,534 and 1,513, the respective rising 50- day and 100-day moving averages, with better support at 1,500.
As for the stock picks for this week, selected construction and rubber glove players such as Gamuda, Sunway Construction, Hartalega, Kossan Rubber, Supermax and Top Glove should attract bargain hunters on rotational plays, as trading momentum remains robust.
Source: TA Research - 22 Apr 2024
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IJMCreated by sectoranalyst | Nov 05, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024