KLSE Traders Update and Ideas

Daily Market Update - 6 Jul 2018 (FPI, GCB)

mplus313
Publish date: Fri, 06 Jul 2018, 08:40 AM
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This blog provides market updates and trading ideas that I gather from around the web.

Dow Jones: 24,356.74 pts (+181.92pts, +0.75%)
U.S. stockmarkets advanced as the Dow rose 0.8% overnight on optimism over U.S. and Eurozone's auto trade deals. The immediate support is located at 24,000.

FBM KLCI: 1,690.65 pts (+2.20pts, +0.13%)
The FBM KLCI (+0.1%) was nudged higher for the third straight session, boosted by the final hour buying support in selected index heavyweights. The immediate resistance is located at 1,700.

Crude Palm Oil: RM2,284 (-RM14, -0.61%)
Crude palm oil prices retreated for the third straight session amid the sluggish Malaysia's May export data, coupled with the firmer Ringgit against the U.S. Dollar. The immediate resistance is support around RM2,250.

WTI Crude Oil: $72.94 (-$1.20, -1.62%)
Crude oil prices retreated as U.S. continues to pressure OPEC to boost supply. The immediate support is located at US$70.

Gold: $1,257.91 (+$2.92, +0.23%)
Gold prices extended its gains as the Greenback continues to lose steam against a basket of currencies. The immediate support will be pegged around US$1,220.

Economic Releases:
US - United States' Unemployment Rate, 8.30PM

Bursa Malaysia Trade Statistics - 5 Jul 18
Institutions:  Net BUY 54.9 mln (43.2%)
Retail:  Net BUY 13.4 mln (28.7%)
Foreign:  Net SELL 68.3 mln (28.1%)

Potential Momentum Stocks - 6 Jul 18 
Stock Name: FPI (9172)
Entry: Buy above RM1.33
Target: RM1.43 (7.5%), RM1.51 (13.5%)
Stop: RM1.28 (-3.8%)
Shariah: No
Technical: Monitor for trendline breakout

Stock Name: GCB (5102)
Entry: Buy above RM1.69
Target: RM1.74 (3.0%), RM1.85 (9.5%)
Stop: RM1.64 (-3.0%)
Shariah: No
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

 

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