The local market continued trading sideways on Tuesday, with investors still digesting the Budget 2025 contents while mild bargain hunting interest highlight construction stocks. The FBM KLCI shed 3.14 points to close at 1,642.54, off an early low of 1,642.35 and high of 1,648.31, as losers edged gainers 509 to 460 on lower turnover of 2.67bn shares worth RM2.49bn.
Market sentiment will likely stay cautious, with uncertainties lingering over the upcoming key general elections in Japan and the US keeping investors sidelined. 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.
Any further weakness in Bumi Armada should attract bargain hunters looking for rebound upside towards the 61.8%FR (57sen) with stronger resistance coming from the 76.4%FR (63sen) and 07/02/23 high (73sen) ahead, and chart support coming from the 23.6%FR (42sen). Meanwhile, Dialog is attractive to bargain for oversold rebound to the 61.8%FR (RM2.28), with next resistance coming from the 76.4%FR (RM2.43), while key support from the lower Bollinger band (RM2.08) and 38.2%FR (RM2.04) cushion downside risk.
Source: TA Research - 23 Oct 2024
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LWSABAH2024-10-26
DIALOG2024-10-25
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GAMUDACreated by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Oct 30, 2024