As short and medium-term momentum and trend indicators on the FBM KLCI are issuing conflicting technical signals following last week's choppy trading sessions, more consolidation is expected for this shorter four-day trading week. Nevertheless, given the weak selling momentum following the recent profit-taking corrections, more keen bargain hunting interest should emerge from sidelined investors who are willing to commit fresh funds for recovery gains ahead. Meantime, investors will be keenly awaiting decision from the US central bank monetary policy meeting mid-week for a highly anticipated 25 basis point interest rate cut before increasing commitments.
Immediate index support remains the recent correction low of 1,633, with 1,620 and 1,600 acting as stronger supports. Immediate resistance is set at 1,670, with the recent high of 1,684, then 1,695, the Dec 2020 high, as tougher resistance levels.
On stock picks for this coming week, lower liner construction and oil & gas counters which have suffered sharp profit-taking corrections should begin to attract bargain hunters again, given their much cheaper entry levels for rebound upside ahead.
Source: TA Research - 17 Sept 2024
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HLBANKCreated by sectoranalyst | Nov 05, 2024
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