Blue chips closed mixed on Thursday, with profit-taking capping the index's rise to a three-year high, while the construction, property, transport and logistics sectors continue to attract buying interest. The FBM KLCI ended flat at 1,633.81 (+0.27) after oscillating between early high of 1,634.24 and low of 1,627.93, as losers beat gainers 727 to 499 on steady turnover of 5.48bn shares worth RM4.22bn.
The local market should pause for profit-taking breather ahead of the weekend, with trading focus on the construction, property and logistics sectors given the continuing keen interest in data centre and infrastructure plays. Immediate index resistance remains at the recent high of 1,638, with 1,640 and 1,660 as tougher upside hurdles, while immediate supports are at 1,622, 1,611 and 1,602, the respectively rising 10-day, 30-day and 50- day moving average levels.
A confirmed breakout on Gadang shares above the 150%FP (52sen) will extend uptrend to target the 161.8%FP (54sen), 176.4%FP (56sen) and 200%FP (60sen) ahead, while the rising 50-day ma (45sen) and 100-day ma (43sen) cushion downside. IWCity will need convincing breakout above the 76.4%FR (90sen) to boost upside momentum and aim for the 8/1/24 peak (RM1.03) and 123.6%FP (RM1.16) going forward, while key support from the 200-day ma (74sen) limits downside risk.
Source: TA Research - 19 Jul 2024
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T7GLOBALCreated by sectoranalyst | Sep 03, 2024
Created by sectoranalyst | Sep 03, 2024
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Created by sectoranalyst | Sep 02, 2024