The local blue-chip benchmark bounced back to trade at fresh three-year highs on Wednesday, boosted by the overnight rally on the US Dow Jones average to record highs as traders were more certain the Fed will pivot to interest rate cuts soon. The FBM KLCI ended up 7.58 points at 1,633.54, off an opening low of 1,629.89 and high of 1,638.03, as gainers led losers 770 to 445 on higher turnover of 5.28bn shares worth RM3.88bn.
Buying momentum surge will be crucial to absorb profit-taking and sustain the index's rise to three-year highs, with situational plays on the construction and property sectors seen to drive positive market tone. Immediate index resistance will be at yesterday's high of 1,638, with 1,640 and 1,660 as tougher upside hurdles, while immediate supports are at 1,620, 1,609 and 1,601, the respectively rising 10-day, 30-day and 50-day moving average levels.
Hartalega will need to overcome the 138.2%FP (RM3.68) to enhance upside momentum and aim for the 150%FP (RM3.87) and 161.8%FP (RM4.07) ahead, while uptrend supports from the rising 50-day ma (RM3.32) and 100-day ma (RM2.98) cushion downside. Kossan need breakout confirmation above the 138.2%FP (RM2.59) to extend uptrend momentum and target the 150%FP (RM2.71) and 161.8%FP (RM2.83) going forward, with the 50-day ma (RM2.37) and 100-day ma (RM2.17) acting as uptrend supports.
Source: TA Research - 18 Jul 2024
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SIMEPROPCreated by sectoranalyst | Sep 05, 2024
Created by sectoranalyst | Sep 05, 2024