Blue chips extended profit-taking correction for a third straight session Thursday, led by construction, property and consumer heavyweights. The FBM KLCI fell 7.1 points to close at 1,592.69, off an opening high of 1,596.27 and low of 1,590.37, as losers trashed gainers 816 to 352 on slower trade totalling 5.04bn shares worth RM3.42bn.
The local market should sustain sideways trading ahead of the weekend, pending fresh domestic catalysts to spark rebound from the current profittaking spell. Immediate index supports are retained at 1,591 and 1,563, 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.
Maybank will be attractive to bargain on further weakness, while a convincing breach above the upper Bollinger band (RM10.04) should aim for the 123.6%FP (RM10.26) and 138.2%FP (RM10.50) ahead, with the 100-day ma (RM9.66) providing uptrend support. Further fall on Public Bank to key retracement support at the 23.6%FR (RM3.95) should attract bargain hunters ahead of rebound upside towards the 50%FR (RM4.15), with next hurdles at the 61.8%FR (RM4.24) and 76.4%FR (RM4.35).
Source: TA Research - 21 Jun 2024
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MAYBANKCreated by sectoranalyst | Nov 05, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024