Given the multiple bearish divergence signals seen on the 14-day and 14- week RSI, and daily MACD trend indicators on the FBM KLCI, it is likely the local market will be set for a profit-taking consolidation phase in the immediate term. This consolidation should last a few weeks going into early August, before investors return to resume bargain hunting at cheaper prices. Looking ahead, buying momentum and positive market breadth will need to stage strong comeback to support sustained recovery upside to fresh three-year highs.
For the index, immediate supports are revised lower to 1,606 and 1,583, the respective 50-day and 100-day moving average levels which should be able to cushion downside during the current correction phase, while immediate resistance will be at 1,628, with the recent high of 1,638, and subsequently 1,640 and 1,660 acting as tougher upside hurdles.
As for stock picks this week, selective banking, telco and lower liner construction counters should again encourage investors to bargain hunt following recent sharp corrections as they look for rebound upside ahead.
Source: TA Research - 29 Jul 2024
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WPRTSCreated by sectoranalyst | Sep 09, 2024
Created by sectoranalyst | Sep 09, 2024
Created by sectoranalyst | Sep 05, 2024
Created by sectoranalyst | Sep 05, 2024
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