Bursa Malaysia shares ended softer on range bound trade Wednesday, with most investors sidelined and cautious ahead of the U.S Federal Reserve's latest meeting minutes for additional clues on the Fed's interest rate trajectory. The FBM KLCI ended 0.71 points down to settle at the day's low of 1,634.91, off a high of 1,642.29, as losers narrowly edged gainers 566 to 548 on total turnover of 3.22bn shares worth RM2.47bn.
The local market should continue to consolidate given the weak buying momentum and lack of domestic positive catalysts, while investors await key U.S inflation data and big banks earnings. Immediate index support stays at the low of 1,625, with 1,620 and then 1,600 acting as stronger supports. Immediate resistance remains 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.
Tenaga needs breakout confirmation above the above the upper Bollinger band (RM15.15) to enhance upside potential towards the 123.6%FP (RM15.76) and 138.2%FP (RM16.62) ahead, while key chart support cushioning downside is capped at 76.4%FR (RM12.98). Likewise, TM will need convincing breakout above the upper Bollinger band (RM6.79) to target the 123.6%FP (RM7.66) and 138.2%FP (RM8.03) ahead, while crucial support from the 61.8%FR (RM6.06) limits downside risks.
Source: TA Research - 10 Oct 2024
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TMCreated by sectoranalyst | Nov 14, 2024
Created by sectoranalyst | Nov 13, 2024
Created by sectoranalyst | Nov 13, 2024