REVISE TO BUY ON ADVENTA, IRCB, LATEXX , SUPERMAX
Immediate Support at 1,313, Better Supports at 1,308/1,300
A weak close on the FBM KLCI today will trigger a sell signal on the daily slow stochastics indicator in the overbought zone, hence confirming the “sell-on-fact” mentality will ring true again. Immediate support upon a correction is at 1,313, Monday’s low, with 1,308 and 1,300 as stronger supports. Immediate resistance remains at 1,325, with the 1,334 peak acting as a more significant hurdle.
Revise to Buy on Dip Adventa, IRCB, Latexx & Supermax
Blue chips are likely to congest with slight near-term downward bias, similarly for most lower liners as buying momentum slows on negative market breadth. Nonetheless, bright spots exist for short-term traders as rotational plays remain robust. Meanwhile, revise to Buy on Dip rubber glove makers such as Adventa, IRCB, Latexx and Supeemax following the recent profit-taking retracement for technical rebound upside.
source: TA Securities