KLSE Traders Update and Ideas

Daily Market Update - 9 Oct 2017 (BSLCORP, IRIS)

mplus313
Publish date: Mon, 09 Oct 2017, 08:32 AM
mplus313
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This blog provides market updates and trading ideas that I gather from around the web.

Dow Jones: 22,773.67 pts (-1.72pts, -0.01%)
U.S. stockmarkets staged a mild pullback last Friday as the Dow fell 0.01% on the weaker-than-expected jobs data. The immediate resistance is located at 22,800.

FBM KLCI: 1,764.00 pts (+4.91pts, +0.28%)
The FBM KLCI (-0.3%) rebounded last Friday, buoyed by the strong exports data. The immediate support is located at 1,750.

Crude Palm Oil: RM2,730 (+RM10, +0.37%)
Crude palm oil prices extended its gains on potential lower output in October. The immediate resistance is envisaged around RM2,800.

WTI Crude Oil: $49.29 (-$1.50, -2.96%)
Crude oil prices formed a bearish engulfing candle on renewed oversupply concerns. The immediate resistance is located at US$52.

Gold: $1,276.68 (+$8.46, +0.67%)
Gold prices rebounded as geopolitical concern re-surfaced after North Korea is reported to test another ballistic missile. The immediate support will be pegged around US$1,250.

Economic Releases:
CN - China's Caixin Composite PMI, 9.45AM
CN - China's Caixin Services PMI, 9.45AM

Bursa Malaysia Trade Statistics - 6 Oct 17
Institutions:  Net BUY 77.3 mln (56.4%)
Retail:  Net SELL 23.7 mln (23.6%)
Foreign:  Net SELL 53.6 mln (20.0%)

Potential Momentum Stocks - 9 Oct 17 
Stock Name: BSLCORP (7221)
Entry: Buy above RM0.57
Target: RM0.64 (12.3%), RM0.675 (18.4%)
Stop: RM0.53 (-7.0%)
Shariah: Yes
Technical: Symmetrical triangle formation breakout

Stock Name: IRIS (0010)
Entry: Buy above RM0.185
Target: RM0.205 (10.8%), RM0.22 (18.9%)
Stop: RM0.17 (-8.1%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

 

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