Bursa Malaysia shares rose on Monday, shored up by the firm external tone as investors shrugged off the tensions between Israel and Iran and awaited key economic data this week which will help finesse bets on the timing of rate cuts. The FBM KLCI gained 12.02 points to settle at 1,559.59, off the opening low of 1,548.38 and high of 1,559.94, as gainers thrashed losers 764 to 331 on total turnover of 3.49bn shares worth RM2.52bn.
Further improvement in the external market tone, corporate earnings and economic data would be essential to sustain further recovery from the recent sell-off. 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 1,535 and 1,514, the respective rising 50-day and 100-day moving averages, with better support at 1,500.
Gamuda should attract buyers on weakness for recovery upside towards the 138.2%FP (RM5.40), with the 150%FP (RM5.60) and 161.8%FP (5.78) as next upside hurdles, while key chart supports are from 200-day ma (RM4.71) and 08/11/23 low (RM4.60). Likewise, Suncon is attractive to bargain for recovery upside to the 150%FP (RM3.08), with next hurdle at the 161.8%FP (RM3.20) and immediate supports at the lower Bollinger band (RM2.71) and the 14/03/24 low (RM2.59).
Source: TA Research - 23 Apr 2024
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NESTLECreated by sectoranalyst | Nov 05, 2024
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