Blue chips slipped back into profit-taking correction mode again Tuesday, with falls led by healthcare, utility, banking and consumer heavyweights, as investors reduced commitments ahead of key global central bankers' policy decisions. The FBM KLCI slumped 12.62 points to end at the day's low of 1,611.94, off an early high of 1,629.37, as losers swarmed gainers 814 to 347 on lower turnover of 4.18bn shares worth RM3.11bn.
The local market should extend consolidation with downward bias, as investors look ahead to major US technology earnings and monetary policy clues from key global central bankers. Immediate index supports are revised lower to 1,607 and 1,584, the respective 50-day and 100-day moving average levels, while immediate resistance remains at the recent high of 1,638, with 1,640 and 1,660 as tougher upside hurdles.
Maxis will need breakout confirmation above the 200-day ma (RM3.67) to drive upside momentum towards the 61.8%FR (RM3.80) and 76.4%FR (RM4.02) ahead, while downside is cushioned by the lower Bollinger band (RM3.42). TM needs to sustain breakout momentum above the recent 16/ 7/24 high (RM7.19) to target the 123.6%FP (RM7.81) and 138.2%FP (RM8.19) going forward, with major uptrend supports coming from the rising 50-day ma (RM6.69) and 100-day ma (RM6.37).
Source: TA Research - 31 Jul 2024
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PANTECHCreated by sectoranalyst | Nov 05, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024