Rubber glove stocks spiked up on Tuesday, sparked by expectations the US will soon finalize high import tariff hikes on China's medical gloves, hence sharply closing the price gap with local exporters. The FBM KLCI climbed 12.13 points to close at 1,664.28, off an early low of 1,651.55 and high of 1,664.99, as gainers led losers 658 to 433 on total turnover of 3.18bn shares worth RM3.35bn.
While local rubber glove stocks continue to attract bargain hunters on hopes for renewed export demand due to the potential US tariff hikes on China's exports, the broader market should stay range bound as investors await the highly anticipated US interest rate cut. Immediate index resistance remains at 1,670, with the recent high of 1,684, then 1,695, the Dec 2020 high, as tougher resistance levels. Immediate support will be at the recent correction low of 1,633, with 1,620 and 1,600 acting as stronger supports.
Bumi Armada need to overcome the 50%FR (52sen) to enhance recovery potential towards the 61.8%FR (57sen) and 76.4%FR (63sen) ahead, while the recent correction low (44sen) and 23.6%FR (41sen) should cap downside risk. Dialog will need persistent strength above the 61.8%FR (RM2.28) to boost upside momentum towards the 76.4%FR (RM2.43), with tougher resistance seen at the upper Bollinger band (RM2.55), while the lower band (RM2.11) and 38.2%FR (RM2.04) should cushion downside.
Source: TA Research - 18 Sept 2024
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SUPERMX2024-11-13
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UZMA2024-11-09
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SAMAIDEN2024-11-07
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SUPERMX2024-11-07
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ABMB2024-11-06
GENM2024-11-06
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ABMB2024-11-05
ARMADA2024-11-04
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SAMAIDEN2024-11-04
UZMACreated by sectoranalyst | Nov 14, 2024
Created by sectoranalyst | Nov 13, 2024
Created by sectoranalyst | Nov 13, 2024