Following last week's mild recovery, short-term technical momentum indicators on the FBM KLCI turned positive, signaling further nearterm upside bias potential, but weak trend indicators and cautious market undertone suggest further consolidation as investors digest measures announced in Budget 2025. Sectors deemed to benefit from the measures announced should see increased buying interest, while the broader market extends consolidation.
Immediate index 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. Immediate support will be the recent correction low of 1,625, with 1,620 and then 1,600 acting as stronger supports.
On stock picks for this week, key construction, oil & gas, gaming and utility heavyweights should attract buyers for recovery upside following recent corrections.
Source: TA Research - 21 Oct 2024
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SORENTOCreated by sectoranalyst | Nov 07, 2024
Created by sectoranalyst | Nov 07, 2024
Created by sectoranalyst | Nov 06, 2024