Blue chips extend rise on Tuesday, led by utility, property, energy and consumer heavyweights, mirroring regional strength as optimism on US interest rate cuts by year-end sparked foreign buying. The FBM KLCI added 8.29 points to settle at 1,605.68, off an early low of 1,600.66 and high of 1,610.32, as gainers led losers 684 to 455 on strong turnover of 5.42bn shares worth RM3.79bn.
Spreading optimism over rising potential for US rate cuts by year-end should see increased investor commitments and sustain foreign fund buying. Immediate resistance for the index is revised upwards to 1,620, with stronger upside hurdles seen at 1,640 and then 1,660. Key supports will be at 1,562, 1,550 and 1,526, the respective rising 30-day, 50-day and 100-day moving averages.
MRCB need to overcome the upper Bollinger band (70sen) to boost upside momentum towards the 200%FP (74sen) and 223.6%FP (79sen) ahead, with uptrend support from the 50-day ma (63sen), matching the 150%FP, cushioning downside. UEM Sunrise will need convincing breach above the 138.2%FP (RM1.22) to extend rally and aim for the 150%FP (RM1.30) and 161.8%FP (RM1.38) going forward, while uptrend support if from the 100-day ma (RM1.00).
Source: TA Research - 8 May 2024
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YINSONCreated by sectoranalyst | Nov 14, 2024
Created by sectoranalyst | Nov 13, 2024
Created by sectoranalyst | Nov 13, 2024