Stocks ended higher Tuesday on late buying interest in construction, property and utility counters, while the broader market extended sideways trade. The FBM KLCI ended flat at 1,635.62 (+0.33), after moving between early low of 1,629.22 and high of 1,638.87, as gainers led losers 567 to 486 on higher turnover of 3.25bn shares worth RM2.67bn.
The lack of new stimulus measures from China could dampen recent strong optimism in the region, but renewed buying interest in construction and property stocks ahead of Budget should highlight sentiment. Immediate index support will be the recent correction low of 1,625, with 1,620 and then 1,600 acting as stronger supports. Immediate resistance is set at 1,660, followed by the recent highs of 1,675 and 1,684, and then 1,695, the Dec 2020 high, as tougher resistance levels.
Any weakness on Gamuda shares towards the 76.4%FR (RM7.44) or the 100-day ma (RM7.19) should attract buyers looking for rebound upside towards the recent high of RM8.43, with next major hurdles seen from RM8.90 and the 123.6%FP (RM9.41). Dips on Maxis shares towards the 200-day ma (RM3.60) or the 38.2%FR (RM3.42) should encourage buying on weakness ahead of recovery upside towards the 76.4%FR (RM3.98) with next resistance coming from the 16/6/23 high (RM4.32) and the 123.6%FP (RM4.66).
Source: TA Research - 9 Oct 2024
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MAXISCreated by sectoranalyst | Nov 08, 2024