Blue chips staged mild rebound on Thursday, mirroring regional gains after the US Federal Reserve held interest rates steady but shifted its dot plot to only one rate cut this year and a more aggressive four rate cuts in 2025. The FBM KLCI rose 1.22 points to close at 1,610.17, off an early high of 1,616.84 and low of 1,609.13, as gainers led losers 798 to 447 on lower turnover of 5.91bn shares worth RM4.35bn.
Stocks should trade sideways ahead of the long weekend break due to the religious Hari Raya Haji holiday, and as investors shift focus to Bank of Japan's monetary policy decision. Immediate index supports are at 1,602, the rising 30-day moving average, with 1,589 and 1,559, the respective 50-day and 100-day moving averages, acting as stronger supports. Immediate
resistance remains the recent high of 1,632, with 1,640, 1,660 and then 1,680 as tougher upside hurdles.
Genting Berhad should attract buyers on weakness towards chart supports from the 50%FR (RM4.60) or 200-day ma (RM4.55), while sustained strength above the 61.8%FR (RM4.74) should aim for the 76.4%FR (RM4.92), with next hurdle seen at the 11/3/24 peak (RM5.20). GENM should anticipate bargain hunters to cushion downside at 23.6%FR (RM2.52), with next key support from the 21/22/22 pivot low (RM2.40), while a decisive break above the 50%FR (RM2.67) should target the 61.8%FR (RM2.73) and 76.4%FR (RM2.81) ahead.
Source: TA Research - 14 Jun 2024
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AVALAND2024-11-21
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THPLANT2024-11-20
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LBS2024-11-19
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MBSB2024-11-19
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LBS2024-11-15
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AVALAND2024-11-12
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GENTING2024-11-11
IOIPG2024-11-11
MBSB2024-11-11
SLVEST2024-11-11
SUNVIEW2024-11-11
SUNWAY2024-11-11
SUNWAY2024-11-11
SUNWAYCreated by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024