Since last week's profit-taking correction has significantly weakened technical momentum and trend indicators on the FBM KLCI, further downside bias can be expected this week. The softer-than-expected US jobless data for August released last Friday sparked fresh worries over weaker economic growth in the US, which pressured specifically technology stocks and should spillover to further dampen market sentiment early this week. Nonetheless, weaker selling momentum should restrict downside potential, with the likely presence of bargain hunters on further weakness to provide added support.
Immediate index support remains 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.
As for stock picks this week, key banking, gaming, telco, and utility heavyweights should attract bargain hunters on further weakness as investors are looking for a longer-term upside potential return to commit to fresh positions.
Source: TA Research - 9 Sept 2024
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OSKCreated by sectoranalyst | Nov 14, 2024
Created by sectoranalyst | Nov 13, 2024
Created by sectoranalyst | Nov 13, 2024