The local market stayed mostly range bound on Wednesday, with rubber glove stocks giving up some of the recent sharp gains fuelled by hopes for strong export demand due to the steep US tariff hikes on China's products. The FBM KLCI slipped 3.69 points to close at 1,660.59, off an opening high of 1,664.78 and low of 1,654, as losers beat gainers 526 to 442 on reduced turnover totalling 2.29bn shares worth RM2.75bn.
The local market should remain in consolidation mode with downside bias given the lack of positive catalyst on the local front, while investors digest the Federal Reserve's decision to lower interest rates by a half percentage point. 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.
MRCB will need to climb above the 76.4%FR (63sen) to fuel further upside momentum towards 70sen and the 20/5/24 high (74sen), while downside risk should be contained by the lower Bollinger band (50sen) and 38.2%FR (46sen). SunCon need breakout confirmation above the 123.6%FP (RM4.54) to enhance recovery potential towards the 138.2%FP (RM4.87) and 150%FP (RM5.14) going forward, while the 100-day ma (RM3.88) and lower Bollinger band (RM3.73) limit downside risk.
Source: TA Research - 19 Sept 2024
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WCTCreated by sectoranalyst | Nov 08, 2024