Blue chips traded sideways on Tuesday, with late bargain hunting in banking and plantation heavyweights lifting the index, while profit-taking dragged the broader market for softer close. The FBM KLCI added 2.86 points to end at the day's high of 1,609.52, off an early low of 1,598.30, but losers beat gainers 705 to 334 on slower trade totalling 3.42bn shares worth RM2.5bn.
The local market should extend rebound along with the region following overnight strength on Wall Street on hopes easing inflation could encourage the US central bank to cut interest rates. Immediate index resistance stays at 1,620, followed by 1,628 and then 1,638, while immediate supports are at 1,580, then 1,550 and recent low of 1,529, with 1,520 and 1,500 as stronger supports.
Maybank need to overcome the upper Bollinger band (RM10.28), matching the 123.6%FP level, to extend uptrend and target the 138.2%FP (RM10.58) and 150%FP (RM10.82) ahead, with uptrend support from the rising 100- day ma (RM9.90) cushioning downside. Public Bank will need resurgent buying momentum to break above the 21/2/24 high (RM4.41) and aim for the 123.6%FP (RM4.60) and 138.2%FP (RM4.72) going forward, with the 61.8%FR (RM4.10) providing strong support in the recent selloff.
Source: TA Research - 14 Aug 2024
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PBBANKCreated by sectoranalyst | Nov 05, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024