Stocks ended mixed on Wednesday as profit-taking interest increased following mixed cues from US Federal Reserve officials that implied interest rate cuts this year may not be a done deal. The FBM KLCI eased 0.93 points to close at 1,604.75, off an early high of 1,610.25 and low of 1,602.29, as losers narrowly edged gainers 571 to 568 on robust trade totaling 5.39bn shares worth RM3.57bn.
Uncertainty over the potential for US interest rate cuts by this year-end should force stocks to fall back for profit-taking consolidation as investors reassess the global growth and inflation outlook. Immediate resistance for the index is retained at 1,620, with stronger upside hurdles seen at 1,640 and then 1,660. Key supports will be at 1,565, 1,553 and 1,528, the respective rising 30-day, 50-day and 100-day moving averages.
Maybank need breakout confirmation above the 24/4/24 high (RM9.88) to extend uptrend and aim for the 123.6%FP (RM10.26) and 138.2%FP (RM10.50) going forward, while uptrend support from the steadily rising 100-day ma (RM9.40) cushions downside. RHB Bank will need to overcome the 200-day ma (RM5.59) to aid recovery towards the 38.2%FR (RM5.68) and 50%FR (RM5.80) ahead, while the pivot low of 2/6/23 (RM5.29) limits downside risk.
Source: TA Research - 9 May 2024
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VSTECSCreated by sectoranalyst | Nov 05, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024