Profit-taking dragged blue chips down from a three-year high on Monday, led by construction, property, telco and oil & gas heavyweights, which forced the blue-chip index to suffer a double-digit fall. The FBM KLCI lost 14.48 points to close at 1,622.07, off an opening high of 1,637.12 and low of 1,616.74, as losers swarmed gainers 1,044 to 285 on total turnover of 5.34bn shares worth RM3.42bn.
Stocks should pause for profit-taking consolidation as traders digest gains after rising to fresh three-year highs, with trading attention likely to sustain on the construction, property and logistics sectors on prevailing 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 revised lower to 1,613, 1,604 and 1,580, the respectively rising 30-day, 50-day and 100-day moving average levels.
AMBank needs a confirmed breakout above the 123.6%FP (RM4.52) to enhance upside momentum towards the 138.2%FP (RM4.68) and 150%FP (RM4.80) ahead, while uptrend supports from the 50-day ma (RM4.20) and 100-day ma (RM4.11) cushion downside. Likewise, Maybank will need breakout confirmation above the 123.6%FP (RM10.28) to extend uptrend and aim for the 138.2%FP (RM10.58) and 150%FP (RM10.82) going forward, with the 50-day ma (RM9.97) and 100-day ma (RM9.78) cushioning downside.
Source: TA Research - 23 Jul 2024
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MAYBANKCreated by sectoranalyst | Sep 05, 2024
Created by sectoranalyst | Sep 05, 2024