Stocks extended mild gains on Wednesday, helped by overnight strength on Wall Street fueled by optimism that easing inflation data could encourage the US Federal Reserve to cut interest rates. The FBM KLCI gained 2.83 points to close at 1,612.35, off an early low of 1,606.49 and high of 1,613.63, as gainers edged losers 574 to 439 on total turnover of 3.57bn shares worth RM2.51bn.
The local market should sustain mild uptrend on the back of the firm overnight US market closing, on hopes easing inflation could entice the US Federal Reserve to loosen monetary policy more aggressively. 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.
Tenaga will need decisive breakout above the 11/7/24 high (RM14.62) for uptrend continuation and aim for the 123.6%FP (RM16.03) and 138.2%FP (RM16.91) going forward, with uptrend support from the rising 100-day ma (RM13.02) cushioning downside. Likewise, TM need breakout momentum renewal above the 16/7/24 high (RM7.19) to aim for the 123.6%FP (RM7.81) and 138.2%FP (RM8.19) ahead, with the 100-day ma (RM6.47) providing uptrend support on any potential selloffs.
Source: TA Research - 15 Aug 2024
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VSCreated by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024