Blue chips rose on Tuesday, led by telcos, banking and oil & gas heavyweights, as renewed foreign funds purchases lifted the index back up to four-year highs. The FBM KLCI was up 13.33 points to settle at 1,652.29, off an opening low of 1,639.16 and high of 1,653.12, but losers beat gainers 640 to 476 on slightly improved volume totalling 3.18bn shares worth RM3.2bn.
Stocks should fall back into range bound trade, pending fresh domestic catalysts and while awaiting key economic and inflation data from the US later this week. Immediate index resistance remains at the recent high of 1,660, followed by 1,680 and then 1,695, the Dec 2020 high, while immediate supports are at 1,620, then 1,600 and 1,580 as stronger supports.
Dialog needs breakout confirmation above the 25/1/23 high (RM2.66) to fuel upside momentum towards the 123.6%FP (RM2.90) and 138.2%FP (RM3.05) ahead, while the 200-day moving average (RM2.23) limits downside risk. Hibiscus will need to overcome the 50%FR (RM2.37) to enable further recovery towards the 61.8%FR (RM2.49) and 76.4%FR (RM2.65) going forward, with the 23.6%FR (RM2.09), matching the selloff low, cushioning downside.
Source: TA Research - 28 Aug 2024
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SPSETIACreated by sectoranalyst | Nov 07, 2024
Created by sectoranalyst | Nov 07, 2024
Created by sectoranalyst | Nov 06, 2024