The local market drifted lower on Monday, easing in line with the region as investors digest weak economic data from China and looked ahead to several major central bank decisions due this week. The FBM KLCI dropped 1.90 points to close at 1,606.85, off an early high of 1,609.43 and low of 1,603.21, as losers edged gainers 656 to 424 on lower turnover of 3.16bn shares worth RM2.45bn.
Market sentiment is likely to remain cautious as the upcoming interest rate decisions by major central banks and weak economic data from China should keep investors sidelined. Immediate index resistance remains at 1,628, next 1,648, followed by the September peak of 1,675. Immediate support stays at 1,588, the 38.2%FR of the 1,529 low (6 Aug) to 1,684 high (29 Aug) rally, with stronger key supports at 1,565, the 23.6%FR level, and then 1,550.
Axiata shares need a confirmed breakout above the 50%FR (RM2.53) to aim for the 61.8%FR (RM2.64) and the 76.4%FR (RM2.77) ahead, with key uptrend support from the 23.6%FR (RM2.29) capping downside risk. Meanwhile, CelcomDigi will be attractive to accumulate on weakness for recovery upside towards the upper Bollinger band (RM3.72), with stronger upside hurdles at the 61.8%FR (RM3.81) and the 76.4%FR (RM4.01), while key retracement supports are at the 38.2%FR (RM3.48) and 23.6%FR (RM3.28).
Source: TA Research - 17 Dec 2024
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