It was another weaker day. The Bursa Malaysia ended lower today ahead of the Budget 2022 announcement on this coming Friday. The benchmark FBMKLCI Index dipped 3.74 points to 1,584.20. Market breadth was still negative as well with losers outpacing gainers 589 to 419, while 444 counters were unchanged and 840 untraded. Sector-wise, construction and logistics players did well. On the contrary, Banking and Healthcare Equipment & Services sectors saw selling pressure.
As for the actives, it is observed that GUH Holdings (GUH, 3247) appearing in Pick@Stock’s “Today Keywords” advanced 8 sen to 72 sen and hit the highest in over three years despite in the absent of major corporate news. Chart-wise, the stock could have staged a price-and-volume breakout after it overcomes its previous major resistance levels at RM0.665-0.675, which have now turned into supports.
On a separate note, CTOS Digital (CTOS, 5301) did show some trading interest. Share price climbed 6 sen to RM1.98. It is also interesting to note that TrainYew’s Trading System has issued a “Positive Signal” which could suggest a potential retest towards its recent high of RM2.10. The only caveat is the lack of trading volume in today’s upswing. On the latest news, while CTOS is still pending to re-access to the CCRIS, it stated that the suspension should be lifted soon as there was no sign of data breach.
Source: https://www.theedgemarkets.com/article/ccris-suspension-ctos-submitted-assessment-report-oct-18-awaiting-bnm-review
With a weaker closing, TrainYew’s trading system has issued a “Negative Signal” on FBMKLCI’s Daily Charting. Hence, the underlying consolidation process of the FBMKLCI index could probably be taking a longer time. While there is no “Negative Signal” is observed and Pick@Stock’s COWI Sentiment Index at this juncture, further deterioration in the market breath will still trigger a “Negative Signal” eventually unless a quick recovery in trading sentiment is seen. Meanwhile, as oil prices reached multi-year highs on Monday as Brent crude futures reached a session high of USD86.70 per barrel, its highest level since October 2018, investors, traders in particular, could potentially see trading activities among the local oil and gas stocks. For instance, Petron Malaysia Refining & Marketing (PETRONM, 3042) is hovering near its previous support of RM4.65/60. While its technical picture is still weak, a convincing break above its recent pivotal highs of RM4.72 could signal an early reversal sign. Support area is seen at RM4.60/57.
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THIS IS NOT AN ADVICE ON ANY INVESTMENT OR TO TIME THE MARKET. IT IS JUST SHARING FOR EDUCATION PURPOSES. PLEASE NOTE THAT ABOVE ANALYSIS ARE BASED ON BEST AVAILABLE INFORMATION ON PUBLIC PLATFORM. I WILL NOT ACCEPT ANY LIABILITY WHATSOEVER FOR ANY DIRECT OR CONSEQUENTIAL LOSS ARISING FROM ANY USE OF THIS INFORMATION.