Blue chips eased into profit-taking consolidation on Thursday, matching the mixed closings on Asian and overnight Wall Street markets due to uncertainty over the interest rate and inflation outlook. The FBM KLCI slipped 3.53 points to end at 1,601.22, off an early high of 1,607.38 and low of 1,599.29, as gainers led losers 601 to 458 on lower turnover of 4.65bn shares worth RM3.13bn.
The local market should extend profit-taking consolidation into the weekend, with uncertainty over the US interest rate direction and inflation outlook to nudge investors to the sidelines. Immediate resistance for the index remains at 1,620, with stronger upside hurdles seen at 1,640 and then 1,660. Key supports will be at 1,567, 1,555 and 1,529, the respective rising 30-day, 50-day and 100-day moving averages.
AMBank need sustained breakout above the upper Bollinger band (RM4.27) to boost upside momentum towards the 20/2/24 high (RM4.45), with next hurdle at the 123.6%FP (RM4.69), while uptrend support from the 200-day ma (RM4.00) cushions downside. CIMB need to overcome the 7/5/24 high (RM6.92) to extend uptrend towards the 123.6%FP (RM7.23) and 138.2%FP (RM7.52), while the 100-day ma (RM6.33) provide good uptrend support.
Source: TA Research - 10 May 2024
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