Profit-taking checked early gains on Tuesday, as the blue-chip benchmark hit a fresh three-year high which encouraged traders to take some chips off the table. The FBM KLCI slid 3.86 points to close at 1,625.96, off an early high of 1,633.97 and low of 1,624.39, as losers beat gainers 795 to 413 on lower turnover of 4.66bn shares worth RM3.52bn.
Stocks should fall back for profit-taking consolidation near-term, pending resurgent buying momentum which is key to absorb profit-taking and selling as the index approach levels not seen in more than three years. Immediate index resistance will be at yesterday's high of 1,634, with 1,640 and 1,660 as tougher upside hurdles, while immediate supports are at 1,607, 1,599 and 1,575, the respective steadily rising 30-day, 50-day and 100-day moving average levels.
Maxis will be attractive to bargain on weakness towards the key 76.4%FR (RM3.34) support, ahead of recovery upside towards the 50%FR (RM3.70), with tougher hurdles seen at the 61.8%FR (RM3.85) and 76.4%FR (RM4.04). Tenaga remains in strong uptrend mode, with sustained buying momentum to lift stock prices towards the 123.6%FP (RM15.63), 138.2%FP (RM16.46) and 150%FP (RM17.13) going forward, and uptrend supports at the rising 30-day ma (RM13.95) and 50-day ma (RM13.44) cushioning downside.
Source: TA Research - 17 Jul 2024
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TENAGACreated by sectoranalyst | Aug 28, 2024
Created by sectoranalyst | Aug 28, 2024