Hook-downs seen on daily technical momentum indicators on the FBM KLCI following last Friday's profit-taking dip implies blue chips should fall for further correction, which will be healthy and needed to check the overbought condition after their recent rallies. On the other hand, trend indicators continue to suggest uptrend continuation potential once overbought momentum neutralise after a brief profit-taking consolidation spell. Meanwhile, the persistent high inflation and strong growth numbers in the US may raise uncertainty and complicate the narrative on easing interest rates.
On the index, immediate resistance remains at 1,640, with 1,660 and then 1,680 as tougher upside hurdles ahead. Immediate uptrend support is at 1,600, with 1,591, 1,574 and 1,544, the respective rising 30-day, 50-day and 100-day moving averages, acting as stronger supports.
As for stock picks this week, key banking, oil & gas and utility counters should attract bargain hunters looking for rotational plays, given the current sustained robust trading momentum.
Source: TA Research - 27 May 2024
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MHB2024-11-04
MSM2024-11-04
SRIDGE2024-11-04
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GAMUDA2024-11-01
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GASMSIA2024-11-01
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MAYBANK2024-11-01
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MAYBANK2024-10-31
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GAMUDA2024-10-30
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MHB2024-10-30
SRIDGE2024-10-29
GAMUDA2024-10-29
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IOICORP2024-10-29
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MAYBANK2024-10-29
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SPTOTO2024-10-29
SRIDGE2024-10-28
GAMUDA2024-10-28
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IOICORP2024-10-28
MAYBANK2024-10-28
MAYBANK2024-10-28
MSM2024-10-28
SPTOTO2024-10-25
FAVCOCreated by sectoranalyst | Nov 05, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024