Stocks fell on Wednesday, led by the technology (-2.7%), oil & gas (-2.1%) and utility (-1.2%) sectors, and dragged by sharper losses in the region due to renewed fears over US economic growth following the release of weak US manufacturing data. The FBM KLCI slid 6.41 points to close at 1,670.24, off an opening low of 1,662.22 and high of 1,675.53, as losers bashed gainers 813 to 307 on total turnover of 3.04bn shares worth RM2.89bn.
The local market should extend profit-taking consolidation in the nearterm and mirror the weaker external tone, with fresh worries over US growth dampening sentiment. Immediate index support remains at the recent correction low of 1,633, with 1,620 and 1,600 acting as stronger supports. Key resistance will be the recent high of 1,684, then 1,695, the Dec 2020 high, followed by the 123.6%FP (1,702) and 138.2%FP (1,741) of the 1,369 low to the 1,638 high.
MRCB will need breakout confirmation above the 76.4%FR (63sen), matching the 100-day ma level, to boost upside momentum and aim for the 20/5/24 high (74sen) and 123.6%FP (84sen) ahead, while key retracement supports at the 50%FR (51sen) and 38.2%FR (46sen) cushion downside. UEM Sunrise need decisive breakout above the 200-day ma (RM1.02) to fuel upside challenge of the 20/5/24 peak (RM1.28), with next major hurdle seen at the 123.6%FP (RM1.52), and key retracement support from the 50%FR (76sen) capping downside risk.
Source: TA Research - 5 Sept 2024
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YTLPOWRCreated by sectoranalyst | Nov 05, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024