Bursa Malaysia shares eased for profit-taking consolidation on Monday, as overbought momentum and the cloudy US interest rate outlook encouraged investors to lighten trading commitments. The FBM KLCI eased 1.13 points to close at 1,618.27, off an early high of 1,622.4 and low of 1,617.98, as losers beat gainers 682 to 529 on total turnover of 5.64bn shares worth RM3.92bn.
Stocks should trade sideways with downward bias in the near-term, given uncertainty over the path ahead for U.S. interest rates as policymakers struggle with sticky inflation and robust economic growth numbers. Immediate index resistance stays at 1,640, with 1,660 and then 1,680 as tougher upside hurdles ahead. Immediate uptrend support remains at 1,600, with 1,592, 1,576 and 1,546, the respective rising 30-day, 50-day and 100-day moving averages, acting as stronger supports.
Dialog will need sustained buying momentum for a successful challenge of the 25/1/23 peak (RM2.73), with a confirmed breakout to target the 123.6%FP (RM2.97) and 138.2%FP (RM3.12) going forward, while uptrend support will be from the rising 50-day ma (RM2.37). DNEX need breakout confirmation above 50sen to aim for the 38.2%FR (55sen) and 50%FR (62sen) ahead, with key chart support from the 200-day ma (40sen) limiting downside risk.
Source: TA Research - 28 May 2024
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