With technical momentum and trend indicators on the FBM KLCI worsening following last week's profit-taking correction, further downside correction is likely this week, with lack of firm buying commitments from investors amidst weak market undertone given absence of positive domestic catalysts to discourage bargain hunting. Moreover, with rising worries over further weakness in local and regional currencies vis-à-vis the US dollar given increasing market expectations for a Donald Trump victory in the upcoming US Presidential elections, the bleaker regional tone could spill-over to dampen domestic market sentiment. As for the index, following last week's correction, we are forced to revise lower immediate support to the 1,600 psychological level, with next crucial support coming in at the 200-day moving average level of 1,588, and next at 1,575, the 76.4%FR level. On the upside, immediate resistance is adjusted down to last week's high of 1,648, with next upside hurdles at 1,660, and recent highs of 1,675 and 1,684. On stock picks for this week, mostly construction, oil & gas and technology lower liners should attract buyers looking for recovery upside after the recent sharp profit-taking corrections.
Source: TA Research - 28 Oct 2024
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UZMACreated by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024