The bearish divergence signals flashed the previous week on multiple trend and momentum indicators on the FBM KLCI was confirmed by last week's profit-taking correction which persisted to further weaken technical momentum signals. As such, investors should expect further downward volatility, given the sharp selloff globally amid worries for potential recession in the US which have been reporting weaker-than-expected economic numbers recently.
For the index, immediate supports are adjusted to 1,609 and 1,586, the respective 50-day and 100-day moving average levels, with better supports seen at 1,580 and 1,560. On the upside, immediate resistance remains 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, selected lower liner construction, oil & gas and technology counters should attract bargain hunters again following recent sharp corrections, which increases the probability for oversold rebound ahead.
Source: TA Research - 5 Aug 2024
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WCTCreated by sectoranalyst | Sep 09, 2024
Created by sectoranalyst | Sep 09, 2024
Created by sectoranalyst | Sep 05, 2024
Created by sectoranalyst | Sep 05, 2024