KLSE Traders Update and Ideas

Author: mplus313   |   Latest post: Fri, 24 Jan 2020, 2:13 PM


Daily Market Update - 22 Aug 2019 (OWG, GPACKET)

Author:   |    Publish date:

Dow Jones: 26,202.73 pts (+240.29pts, +0.93%)
U.S. stockmarkets retreated as the Dow (+0.9%) recovered all its previous session losses, boosted by strong corporate results, coupled with expectations that U.S. and China will come to a trade truce. The immediate resistance is located at 26,500.

FBM KLCI: 1,594.59 pts (-8.16pts, -0.51%)
The eleventh hour selling pressure in selected oil & gas and banking heavyweights sent the FBM KLCI (-0.5%) sharply lower, taking cue from the weakness on Wall Street. The immediate support is located at 1,570.

Crude Palm Oil: RM2,208 (+RM31, +1.42%)
Crude palm oil prices extended its gains to close above the RM2,200 psychological level after recouping all its intraday losses as Malaysia looks to outpace Indonesia on the exports to India for 2019. The immediate resistance is located around RM2,250.

WTI Crude Oil: $55.68 (-$0.66, -1.18%)
Crude oil prices retreated despite lower U.S. inventory level on expectation over sluggish demand. The immediate resistance is located at US$58.

Gold: $1,502.65 (-$4.55, -0.30%)
Gold prices retreated after the U.S. Federal Reserve signals a less dovish stance on future interest rate cut, boosting the Greenback against a basket of currencies. The immediate resistance is located around $1,550.

Technical Trading Stocks - 22 Aug 19 
Stock Name: OWG (5260)
Entry: Buy above RM0.615
Target: RM0.665 (8.1%), RM0.690 (12.2%)
Stop: RM0.580 (-5.7%)
Shariah: No
Technical: Bullish engulfing candle

Stock Name: GPACKET (0082)
Entry: Buy above RM0.590
Target: RM0.630 (6.8%), RM0.675 (14.4%)
Stop: RM0.555 (-5.9%)
Shariah: Yes
Technical: Breakout-pullback-continuation

Source: Bloomberg, M+ Online



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Related Stocks

Chart Stock Name Last Change Volume 
OWG 0.61 -0.01 (1.61%) 326,600 
GPACKET 0.65 0.00 (0.00%) 2,453,100 

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