Highlights

KLSE Traders Update and Ideas

Author: mplus313   |   Latest post: Tue, 13 Oct 2020, 5:16 PM

 

Daily Market Update - 12 Jun 2020

Author:   |    Publish date:


Dow Jones: 25,128.17 pts (-1861.82pts, -6.90%)
⬆ Resistance:  28200
⬇ Support:  24600

FBM KLCI: 1,557.25 pts (-18.02pts, -1.14%)
⬆ Resistance:  1630
⬇ Support:  1520

Crude Palm Oil: RM2,366 (+RM17, +0.72%)
⬆ Resistance:  2480
⬇ Support:  2260

Brent Oil: $38.55 (-$3.18, -7.62%)
⬆ Resistance:  44.3
⬇ Support:  37.1

Gold: $1,727.70 (-$11.00, -0.63%)
⬆ Resistance:  1780
⬇ Support:  1640

M+ Online Technical Focus - 12 Jun 20
Consumer Products & Services: Safe haven bets amid renewed volatility

Trading Catalyst
• Global equities have delivered strong gains in recent months, exceeding expectations as investors pinned hopes on the re-opening of economic activities.
• After a meteoric rise with valuations are now toppish and prospects of earnings recovery are still uncertain, renewed volatility kicks in over the past couple of days.
• We see the safe haven stocks (gold and silver-related) outperforming the negative market amid the higher gold prices that stood above the US$1,700 per ounce.
• The strides was also reacting to the US Federal Reserve gloomy economic outlook as benchmark interest rates are likely to be maintained at record low levels till 2022.
• With that, we see trading opportunities emerging from safe haven asset players like POHKONG and TOMEI following their recent breakouts.

Technical View

(i) POHKONG (S: RM0.46, R: RM0.57-0.60, LT TP:RM0.705, CL: RM46)
(ii) TOMEI (S: RM0.425, R: RM0.545-0.57, LT TP: RM0.60, CL: RM0.42)

S: Support, R: Resistance, LT TP: Long term target price, CL: Cut loss

Source: Bloomberg, M+ Online

 

Disclaimer

The content published is solely for information and personal use only. It should not be construed to be, any advice, recommendation, offer or invitation to buy or sell any securities, futures contracts or any other instrument. Readers should seek independent advice from their own professional advisers (including legal, tax, financial and accounting) as to the risks and merits before entering into any transaction pursuant to or in reliance on any information here.

The content published above shall only be for your sole and personal non-professional use. No guarantee is given on the accuracy or completeness of the information published here. No warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person or group of persons acting on such information.

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Labels: POHKONG, TOMEI

Related Stocks

Chart Stock Name Last Change Volume 
POHKONG 0.805 -0.02 (2.42%) 897,900 
TOMEI 0.875 -0.04 (4.37%) 1,487,500 

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