Bursa Malaysia shares sank on Monday, dragged by regional falls after China's softer inflation data and weaker-than-expected stimulus package disappointed investors. The FBM KLCI fell 11.98 points to end near session lows at 1,609.26, off an early high of 1,627.23, as losers beat gainers 685 to 357 on total turnover of 2.68bn shares worth RM2.03bn.
The local market should drift lower near-term as worries over China's economic growth momentum amid potential worsening US-China trade tensions dampen sentiment. Immediate index support stays at the 1,600 psychological level, with the next crucial support coming in at the 200-day moving average level of 1,595, and next at 1,575, the 76.4%FR level. Immediate resistance is at the recent high of 1,648, with the next upside hurdles seen at 1,660 and 1,675.
DNEX remains in base building mode, with the lower Bollinger band (34sen) and 18/1/24 low (31.5sen) acting as key chart supports, while a breakout above the 200-day ma (39sen) is crucial to fuel further upside towards the 61.8%FR (45sen) and 50%FR (50sen) ahead. Tenaga is rebuilding a stronger support platform above the 76.4%FR (RM13.68), while a confirmed breakout above the 4/9/24 high (RM14.98) should target the 123.6%FP (RM16.30) and 138.2%FP (RM17.11) going forward.
Source: TA Research - 12 Nov 2024
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TMCLIFECreated by sectoranalyst | Nov 14, 2024
Created by sectoranalyst | Nov 13, 2024
Created by sectoranalyst | Nov 13, 2024