Bursa Malaysia shares traded sideways to lower on Tuesday, with profittaking on the utilities and transport sectors dampening the blue-chip benchmark index. The FBM KLCI ended down 1.19 points at the day's low of 1,606.13, off an early high of 1,615.09, as losers beat gainers 766 to 480 on total turnover of 5.93bn shares worth RM4.14bn.
The local market should extend trading sideways to lower near-term, pending positive leads to lift stocks from current consolidation. Immediate index supports are at 1,603, the rising 30-day moving average, with 1,590 and 1,561, 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.
AMBank shares will need convincing breakout above the 20/2/24 high (RM4.45) to boost upside momentum and target the 123.6%FP (RM4.69) and 138.2%FP (RM4.84) ahead, while key chart supports are at the 76.4%FR (RM4.20) and 200-day ma (RM4.05). CIMB need to sustain above the 4/ 6/24 high (RM7.04) to extend uptrend and aim for the 123.6%FP (RM7.57) and 138.2%FP (RM7.89) going forward, while uptrend support is from the 100-day ma (RM6.57).
Source: TA Research - 19 Jun 2024
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