Blue chips fell on Wednesday with profit-taking on the healthcare, technology, telco and property sectors dragging the benchmark index to end below the 1,600 level. The FBM KLCI lost another 6.34 points to end at the day's low of 1,599.79, off an early high of 1,609.22, as losers swarmed gainers 907 to 341 on lower turnover of 5.57bn shares worth RM4.06bn.
Stocks should continue trading sideways to lower, pending positive local catalysts to lift the market from the current profit-taking drift-down. Immediate index supports are revised lower to 1,591 and 1,562, the respective 50-day and 100-day moving averages, while immediate resistance remains the recent high of 1,632, with 1,640, 1,660 and then 1,680 as tougher upside hurdles.
Further weakness on Axiata should attract bargain hunters looking for rebound upside towards the 61.8%FR (RM2.85), with the 76.4%FR (RM3.02) and 30/11/22 high (RM3.28) as tougher upside hurdles, while the 200-day ma (RM2.59) cushions downside. CelcomDigi looks attractive to bargain at current levels for rebound upside towards the 50%FR (RM3.89), with next resistance at the 61.8%FR (RM4.06) and 76.4%FR (RM4.26), and key retracement support seen at the 23.6%FR (RM3.52).
Source: TA Research - 20 Jun 2024
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YINSONCreated by sectoranalyst | Nov 05, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024
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