The local market staged rebound on Wednesday, as bargain hunters returned after stocks had drifted lower for the seventh straight trading session. The FBM KLCI rose 5.57 points to close at 1,590.95, after moving between early low of 1,581.76 and high of 1,593.42, as gainers led losers 674 to 433 on lower turnover of 4.73bn shares worth RM3.22bn.
Stocks should sustain rebound with technical momentum being oversold after falling for seven straight sessions, and improved buying momentum key to extend recovery. Stronger index supports are at 1,565, the 100-day moving average level, and 1,550, while immediate resistance is at the early June high of 1,622, with the May high of 1,632 and 1,640 as tougher upside hurdles.
Hiap Teck shares will need breakout confirmation above the 50%FR (45sen) to strengthen upward momentum and target the 61.8%FR (51sen) and 76.4%FR (58sen) ahead, while downside is cushioned by the 38.2%FR (39sen), matching the 100-day ma. Unisem need to overcome the 123.6%FP (RM4.30) to extend uptrend and aim for the 138.2%FR (RM4.54) and 150%FP (RM4.73) going forward, while uptrend support from the 50-day ma (RM3.94) cushions downside.
Source: TA Research - 27 Jun 2024
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TMCreated by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024