KLSE Traders Update and Ideas

Daily Market Update - 28 Jun 2019 (INARI, GKENT)

mplus313
Publish date: Fri, 28 Jun 2019, 08:17 AM
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This blog provides market updates and trading ideas that I gather from around the web.

Dow Jones: 26,526.58 pts (-10.24pts, -0.04%)
U.S. stockmarkets closed on a mixed note as the Dow fell 0.04% after erasing all its intraday gains, but the S&P 500 (+0.4%) snapped a four-day losing streak. The immediate resistance is located at 27,000.

FBM KLCI: 1,672.70 pts (-1.79pts, -0.11%)
The FBM KLCI (-0.1%) extended its losses as the key index underperformed the mostly positive sentiment across its regional peers yesterday. The immediate resistance is located at 1,700.

Crude Palm Oil: RM1,963 (-RM3, -0.15%)
Crude palm oil prices registered its sixth consecutive losing streak, dragged down by the sluggish demand. The immediate support is located around RM1,920.

WTI Crude Oil: $59.43 (+$0.05, +0.08%)
Crude oil prices edged marginally higher ahead of the OPEC meeting in early July 2019 as investors anticipate OPEC and its allies will extend production cut into 2H2019. The immediate resistance is located at US$63.

Gold: $1,409.78 (+$0.78, +0.06%)
Gold prices staged a mild recovery to maintain its position above the US$1,400 level. The immediate support is located around $1,350.

Economic Releases:
JP - Japan's Unemployment Rate, 7.30AM
UK - United Kingdom's 1Q2018 GDP Growth Rate, 4.30PM

Technical Trading Stocks - 28 Jun 19 
Stock Name: INARI (0166)
Entry: Buy above RM1.57
Target: RM1.69 (7.6%), RM1.77 (12.7%)
Stop: RM1.49 (-5.1%)
Shariah: Yes
Technical: Flag-formation breakout

Stock Name: GKENT (3204)
Entry: Buy above RM1.14
Target: RM1.20 (5.3%), RM1.27 (11.4%)
Stop: RM1.08 (-5.3%)
Shariah: Yes
Technical: Monitor for trendline breakout

Source: Bloomberg, M+ Online

 

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