KLSE Traders Update and Ideas

Daily Market Update - 7 Jun 2019 (IJM, LIIHEN)

mplus313
Publish date: Fri, 07 Jun 2019, 08:47 AM
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This blog provides market updates and trading ideas that I gather from around the web.

*Dow Jones: 25,720.66 pts (+181.09pts, +0.71%)*
U.S. stockmarkets finished higher as the Dow (+0.7%) recorded its fourth straight session of gains on the possibility of delay in tariffs in Mexico goods after both parties appears demonstrate positive progress over the border immigration issue. The immediate resistance is located at 25,000.

*FBM KLCI: 1,644.09 pts (-11.22pts, -0.68%)*
The FBM KLCI (-0.7%) snapped a six-day winning streak as investors booked in recent profits ahead of the mid-week Hari Raya festive break. The immediate resistance is located at 1,670.

*Crude Palm Oil: RM2,056 (+RM28, +1.38%)*
Crude palm oil prices snapped a four-day losing streak in line with the rebound in soybean oil prices. The immediate support is located around RM2,000.

*WTI Crude Oil: $52.59 (+$0.91, +1.78%)*
Crude oil prices rebounded from the bear market territory amid the possibility of delay in tariffs on Mexico goods and products. The immediate support is located at US$50.

*Gold: $1,335.33 (+$5.01, +0.38%)*
Gold prices rallied for the seventh straight session after the U.S. Dollar retreated against a basket of currencies following signals that the U.S. Federal Reserve may cut benchmark interest rates. The immediate resistance is located around $1,350.

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

*Technical Trading Stocks - 7 Jun 19* 
*Stock Name: IJM (3336)*
Entry: Buy above RM2.18
Target: RM2.37 (8.7%), RM2.54 (16.5%)
Stop: RM2.05 (-6.0%)
Shariah: Yes
Technical: Monitor for breakout

*Stock Name: LIIHEN (7089)*
Entry: Buy above RM2.90
Target: RM3.03 (4.5%), RM3.16 (9.0%)
Stop: RM2.85 (-1.7%)
Shariah: Yes
Technical: Breakout-pullback-continuation

_*Source: Bloomberg, M+ Online*_

 

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