Buy IJM Land & Mah Sing for Oversold Rebound
The local market extended consolidation on Wednesday with most blue chips stuck in range bound trade, amid the cautious regional tone ahead of the U.S. Thanksgiving holiday on Thursday. The KLCI closed flat again at 1,798.46, off an early low of 1,792.21 and high of 1,799.82, as losers beat gainers 470 to 301 on cautious trade totaling 1.49bn shares worth RM2.03bn.
Support at 1,793, Resistance at 1,814
The present sideways trading should persist for therest of the week, as most investors stay sidelined given the absence of a market catalyst. Immediate resistance stays at last Wednesday’s high of 1,814, followed by the October high of 1,822, and subsequently the
record intra-day high of 1,826 as tougher upside hurdles. Immediate support is at 1,793, the current 50-day moving average, with 1,784, the 23.6% retracement of the 1,660 low of August and 1,822 high of October, and 1,779, the 100-day moving average, providing better support buffers.
Buy IJM Land & Mah Sing for Oversold Rebound
Hookup momentum indicators on IJM Land implies good potential for oversold rebound towards RM2.67 (50%FR), with next resistance at RM2.83 (61.8%FR) reinforced by the upper Bollinger band (RM2.86). Key retracement supports are at RM2.51 (38.2%FR) and RM2.31 (23.6%FR). Likewise, Mah Sing should stage oversold rebound towards RM2.24 (50%FR), with next significant hurdle at RM2.37 (61.8%FR), while important chart supports are at RM2.10 (38.2%FR), RM2.00 and RM1.93 (23.6%FR).
TA Securities
