KLSE Traders Update and Ideas

Daily Market Update - 28 Mar 2018 (BAUTO, SUPERMX)

mplus313
Publish date: Wed, 28 Mar 2018, 08:31 AM
mplus313
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This blog provides market updates and trading ideas that I gather from around the web.

Dow Jones: 23,857.71 pts (-344.89pts, -1.43%)
U.S. equities erased all their intraday gains as the Dow fell 1.4% overnight, pressured by the selloff in technology shares. The immediate support is located at 23,000.

FBM KLCI: 1,862.45 pts (+2.54pts, +0.14%)
The FBM KLCI (+0.1%) edged higher but gains were limited due to the weakness in selected telco shares. The immediate resistance is located at 1,880.

Crude Palm Oil: RM2,431 (-RM3, -0.12%)
Crude palm oil prices ended marginally lower after the Ringgit advanced against the Greenback. The immediate resistance is envisaged around RM2,500.

WTI Crude Oil: $65.25 (-$0.30, -0.45%)
Crude oil prices extended its losses on higher U.S. inventory level. The immediate resistance is located at US$67.

Gold: $1,345.05 (-$8.45, -0.62%)
Gold prices retreated, forming a bearish engulfing candle after concern over trade war between U.S. and China eased. The immediate resistance will be pegged around US$1,360.

Economic Releases:
US - United States' 4Q2017 GDP Growth Rate, 8.30PM

Bursa Malaysia Trade Statistics - 27 Mar 18
Institutions:  Net BUY 104.4 mln (55.8%)
Retail:  Net SELL 2.6 mln (22.1%)
Foreign:  Net SELL 101.8 mln (22.1%)

Potential Momentum Stocks - 28 Mar 18 
Stock Name: BAUTO (5248)
Entry: Buy above RM2.29
Target: RM2.47 (7.9%), RM2.58 (12.7%)
Stop: RM2.11 (-7.9%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: SUPERMX (7106)
Entry: Buy above RM2.63
Target: RM2.92 (11.0%), RM3.00 (14.1%)
Stop: RM2.49 (-5.3%)
Shariah: Yes
Technical: Breakout-pullback-continuation

Source: Bloomberg, M+ Online

 

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