Blue chips were stuck in narrow trading ranges on Tuesday, with most investors sidelined pending clearer leads from key economic data from the US to gauge the current growth momentum. The FBM KLCI rose 4.61 points to 1,615.08, off an early low of 1,609.7 and high of 1,619.05, but losers edged gainers 497 to 490 on muted trade totaling 2.48bn shares worth RM2.26bn.
Stocks should stay rangebound in the near term as investors remain cautious and assess more economic data on the current health of key global economies. Immediate support stays at the 1,600 psychological level, with the next crucial support coming in at the 200-day moving average level of 1,590, and next at 1,575, the 76.4%FR level. Immediate resistance is adjusted lower to the recent high of 1,648, with next upside hurdles at 1,660, and recent highs of 1,675 and 1,684.
Any further weakness on Gadang should attract bargain hunters looking for rebound upside towards the 38.2%FR (37sen) with stronger resistance coming from the 50%FR (40sen) and 61.8%FR (43sen) ahead, with key support at 30sen and the 26/05/23 low (28sen) capping downside risk. Gamuda needs a confirmed breakout above the 23/10/24 high (RM8.85) to extend upside momentum towards the 123.6%FP (RM9.41) and 138.2%FP (RM10.03) ahead, with support at the lower Bollinger band (RM7.89) and 76.4%FR (RM7.43) cushioning downside.
Source: TA Research - 30 Oct 2024
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SSTEEL2024-11-12
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TMCreated by sectoranalyst | Nov 22, 2024
Created by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024