The blue-chip benchmark index staged a strong rebound on Tuesday, led by technology, telco, plantation and banking heavyweights, as investors returned to bargain hunt after the recent profit-taking spell. The FBM KLCI rose 18.72 points, or 1.2 percent, to close at 1,615.40, off an opening low of 1,595.35 and a high of 1,617.41, as gainers led losers 666 to 545 on a total turnover of 4.46bn shares worth RM3.94bn.
Stocks should stay range-bound pending clearer market leads as investors await the closely watched ECB decision on interest rates and more US data to gauge the health of the world's largest economy. Immediate index resistance stays at 1,640, with 1,660 and then 1,680 as tougher upside hurdles ahead. Immediate uptrend support will be 1,595, matching yesterday's low, then 1,582 and 1,552, the 50-day and 100-day moving averages, acting as stronger supports.
Hartalega looks set to rebuild support at current levels pending recovery towards the 123.6%FP (RM3.44), with a confirmed breakout to aim for the 138.2%FP (RM3.68) and 150%FP (RM3.87) ahead, while the 30-day ma (RM3.08) and 50-day ma (RM2.93) cushions downside. Kossan needs to overcome the 123.6%FP (RM2.44) to enhance upside momentum towards the 138.2%FP (RM2.59) and 150%FP (RM2.71) going forward, with the 50-day ma (RM2.19) and 100-day ma (RM2.08) capping downside risk.
Source: TA Research - 5 Jun 2024
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KOSSANCreated by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024