• Home

KLSE Bursa Malaysia Blog One-Stop

KLSE or Bursa Malaysia stock market latest blogs, KLCI and stocks news updates.

  • Home

Blogger's Blog Updates

  • Millionaire Trend Trader
    FBM KLCI - dragged lower by selling in TENAGA-led heavyweights - Stocks on Bursa Malaysia ended mixed Thursday with the benchmark FBMKLCI curtailing its recent rally as continued selling in selected heavyweights, led ...
    1 hour ago
  • A PEGGY Method of Stock Market Share Fair Value Target Price IPO Dividend
    EPF Yearly Dividend - Source: The Star
    5 years ago
  • A PEGGY Method of Stock Market Share Fair Value Target Price IPO Dividend
    EPF Yearly Dividend - Source: The Star
    5 years ago
  • Blackspy fundamental
    Good Bye Maybank 2 Gold Cards~ - I used to use Maybank 2 Gold Cards for last few years. But after revise cashback policy. It is not as attractive as before. I do believe Public Bank Qua...
    5 years ago
  • Bursa Malaysia Stock Market Analysis Digest
    Technical - SKPRES (7155) - SKP RESOURCES BHD SKPRES has gapped- - up to close above the EMA20 level accompanied by improved volumes. The MACD Indicator has issued a BUY Signal, while...
    6 years ago
  • Bursa Malaysia Stocks and Shares Analysis
    FBM KLCI and Malaysia GE14 - Last Friday, PM Najib announced the dissolution of Parliament. In the past, polling was held 17-32 days after dissolution. We believe the first weekend of ...
    7 years ago
  • KLSE Bursa Malaysia Blog One-Stop
    Bursa Malaysia Shares: Stimulus Hopes and Oil Price to Underpin Sentiment - Bursa Malaysia shares managed to rebound from early decline in choppy trade Thursday, in line with most of the regional markets as weak trade data from Jap...
    8 years ago
Home » Bursa Malaysia Outlook , FBM KLCI » FBM KLCI Bullish Breakout Suggests Further Upside Ahead

FBM KLCI Bullish Breakout Suggests Further Upside Ahead

  Joehari Matt    

The local stock market extended rally for the second day of the year, boosted further by gains in regional markets as more investors returned from the year-end holidays to participate.  The FBM KLCI surged from opening low of 1,278.26 to a near 20-month high of 1,290.55, then closed at 1,288.24 to gain 12.49 points or 1% for the day, as 658 gainers led 184 losers on strong trading volume totaling 1.86bn shares worth almost RM2bn.

Rally to Stall at 1,300/1,305 on Profit-Taking
The surprisingly sharp rally in the past  two days was backed by robust follow-through buying momentum, representing a bullish breakout which promises further significant upside ahead.  However, for the immediate term, recent strong stock price gains should see keen profit-taking and selling stalling their rise as technical momentum becomes overbought, especially towards KLCI resistance at the 1,300 psychological level and the 29 April 2008 pivot high of 1,305.  Immediate support is revised higher to yesterday’s low of 1,278, with gap-up support at 1,275 which mirror the 23.6%FR Fibonacci Retracement (FR) of the upswing from the 1,233 pivot low of 2 November to the 17 November high of 1,288.  Stronger retracement supports are at 1,267 and 1,260, the respective 38.2%FR and 50%FR levels.

Revert to Sell on Rally Axiata, TM, Sime Darby & IOI Corp
Revert to Sell on Rally Axiata and TM toward revised higher upside targets of RM3.20, and also Sime Darby and IOI Corp as short-term technical  momentum will turn overbought. Further rally on lower liner  construction stocks MRCB and Zelan to RM1.60 and 80sen respectively will also see overbought condition and hence keen profit-taking interest.  On the other hand, rotational play could shift into the oil & gas sector, with laggards such as Kencana and SapuraCrest likely to attract bargain hunters.


source: TA securities

Blogger's Blog Updates

  • 1KLSE
    KPJ Healthcare Berhad - Announcement - Oct 07, 2021 Dear investors, The following announcements have been uploaded into KPJ Healthcare Berhad Investor Relations website. - Changes In S...
  • Talk About Share Market
    Be cautious of small caps run on Bursa - THE small to medium caps run on the stockmarket this round is not quite the same as previously when their share prices were ramped up as a result of specul...
  • davors investment setting
    Stock Track - 13 APRIL 2011 (BJTOTO) - Will have a look on BJTOTO for coming few days as rumors flow. KUALA LUMPUR, April 12 — Tycoon Vincent Tan is considering selling a 49 per cent stake in th...

News

Links

  • KLSE 2U
  • Bursa Malaysia My Blog
  • KLSE Online
  • Malaysia Bursa

About

KLSE Bursa

Web Links

  • Privacy Policy
Copyright © KLSE Bursa Malaysia Blog One-Stop. All rights reserved. Template by Romeltea Media | Published by FLYTemplate