The prevailing negative technical momentum and trend indicators on the FBM KLCI following last week's mild recovery attempt from the recent profit-taking correction implies market undertone remains weak and cautious in the absence of fresh local upside catalysts. However, given investor interest on measures likely to be proposed for the keenly anticipated Budget 2025 this Friday, selected sectors seen to benefit should see revived buying interest. Meantime, the robust performance witnessed on Wall Street last Friday sparked by optimism over strong earnings from big banks and softer producer price inflation increasing soft landing potential for the US economy should spillover to boost local 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.
On stock picks for this week, key construction, telco, utility heavyweights and selected technology counters should attract buyers for recovery upside ahead, given the good upside potential following recent corrections.
Source: TA Research - 14 Oct 2024
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ABMB2024-11-14
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MAXIS2024-11-14
POHKONG2024-11-14
POHKONG2024-11-13
FAJAR2024-11-13
FAJAR2024-11-13
FAJAR2024-11-13
KERJAYA2024-11-13
MAXIS2024-11-13
MAXIS2024-11-13
PMETAL2024-11-13
PMETAL2024-11-13
WMG2024-11-12
ABMB2024-11-12
ABMB2024-11-12
FAJAR2024-11-12
GADANG2024-11-12
KERJAYA2024-11-12
KERJAYA2024-11-12
KERJAYA2024-11-12
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KERJAYA2024-11-12
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KERJAYA2024-11-12
MAXIS2024-11-12
MAXIS2024-11-12
MAXIS2024-11-12
PERTAMA2024-11-11
ABMB2024-11-11
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ABMB2024-11-11
ABMB2024-11-11
ABMB2024-11-11
FAJAR2024-11-11
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KERJAYA2024-11-11
MAXIS2024-11-11
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MAXIS2024-11-11
MAXIS2024-11-11
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MAXIS2024-11-11
MAXIS2024-11-11
WMG2024-11-09
ABMB2024-11-08
MAXIS2024-11-08
MAXIS2024-11-08
MAXIS2024-11-08
POHKONG2024-11-08
POHKONG2024-11-08
POHKONG2024-11-08
POHKONG2024-11-08
SKHAWK2024-11-07
ABMB2024-11-07
KERJAYA2024-11-07
KERJAYA2024-11-07
PHARMA2024-11-07
PHARMA2024-11-07
PHARMA2024-11-07
PHARMA2024-11-07
PHARMA2024-11-06
ABMB2024-11-06
GADANG2024-11-06
KERJAYA2024-11-06
PHARMA2024-11-06
PHARMA2024-11-05
ABMB2024-11-05
KERJAYA2024-11-05
KERJAYA2024-11-05
MAXIS2024-11-05
MAXIS2024-11-05
MAXIS2024-11-04
ABMB2024-11-04
ABMB2024-11-04
GADANG2024-11-04
KERJAYA2024-11-04
MAXIS2024-11-04
MAXIS2024-11-04
MAXIS2024-11-04
MAXIS2024-11-04
REXIT2024-11-04
REXIT2024-11-04
REXITCreated by sectoranalyst | Nov 14, 2024
Created by sectoranalyst | Nov 13, 2024
Created by sectoranalyst | Nov 13, 2024