KLSE Traders Update and Ideas

Daily Market Update - 7 Dec 2017 (RSENA, MRCB)

mplus313
Publish date: Thu, 07 Dec 2017, 08:42 AM
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This blog provides market updates and trading ideas that I gather from around the web.

Dow Jones: 24,140.91 pts (-39.73pts, -0.16%)
Despite the stronger-than-expected jobs data, U.S. stockmarkets extended their losses overnight as the Dow slipped 0.2%. The immediate resistance is located at 24,500.

FBM KLCI: 1,718.33 pts (-6.51pts, -0.38%)
The FBM KLCI (-0.4%) pare off some of its previous session gains as the weakness was in tandem with the negative performance across global equities. The immediate resistance is located at 1,730.

Crude Palm Oil: RM2,535 (-RM28, -1.09%)
Crude palm oil prices retreated for the third straight session to close at its lowest level since July 2017 on expectation over increase in stockpiles. The immediate support is envisaged around RM2,500.

WTI Crude Oil: $55.96 (-$1.66, -2.89%)
Crude oil prices endured its worst session in two months amid the increase in U.S. gasoline inventory level. The immediate resistance is located at US$60.

Gold: $1,263.37 (-$2.40, -0.19%)
Gold prices extended its losses but remains in the consolidation band. The immediate support will be pegged around US$1,250.

Bursa Malaysia Trade Statistics - 6 Dec 17
Institutions:  Net SELL 54.4 mln (47.9%)
Retail:  Net BUY 23.0 mln (16.8%)
Foreign:  Net BUY 31.4 mln (35.3%)

Potential Momentum Stocks - 7 Dec 17 
Stock Name: RSENA (5270)
Entry: Buy above RM0.465
Target: RM0.48 (3.2%), RM0.50 (7.5%)
Stop: RM0.455 (-2.2%)
Shariah: No
Technical: Monitor for breakout

Stock Name: MRCB (1651)
Entry: Buy above RM1.07
Target: RM1.15 (7.5%), RM1.18 (10.3%)
Stop: RM1.02 (-4.7%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

 

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