Following last week's uninspiring performance on key blue chips and hence the FBM KLCI, technical momentum and trend indicators have deteriorated further to suggest further downward correction. Nonetheless, any further sell-down would aggravate technical momentum into oversold condition and hence encourage bargain hunting for rebound upside ahead. Note that the index is currently just below the 50-day moving average support level of 1,561, which was an important pivot low point in mid-April before it bounced up to sustain recovery for more than a month to the mid-May high.
Stronger index supports are at 1,563, the 100-day moving average level, and 1,550, while immediate resistance is revised downwards to the early June high of 1,622, with the May high of 1,632 and 1,640 as tougher upside hurdles.
As for stock picks this week, any further weakness on defensive gaming, telcos, energy and technology related counters should attract bargain hunters looking for recovery play ahead.
Source: TA Research - 24 Jun 2024
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YBS2024-10-30
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IJMCreated by sectoranalyst | Nov 05, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024