KLSE Traders Update and Ideas

Daily Market Update - 3 Jul 2019 (CRESBLD, MRCB)

mplus313
Publish date: Wed, 03 Jul 2019, 08:15 AM
mplus313
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This blog provides market updates and trading ideas that I gather from around the web.

Dow Jones: 26,786.68 pts (+69.25pts, +0.26%)
U.S. stockmarkets remain upbeat as the Dow rose 0.3%, while the S&P 500 (+0.3%) finished at a fresh record high level. The immediate resistance is located at 27,000.

FBM KLCI: 1,691.00 pts (+7.38pts, +0.44%)
The FBM KLCI (+0.4%) trended higher alongside with the mostly positive performance across its regional peers after lingering in the positive territory for the entire trading session yesterday. The immediate resistance is located at 1,700.

Crude Palm Oil: RM1,967 (+RM9, +0.46%)
Crude palm oil prices managed to recover all its intraday losses, taking cue from the higher soybean oil prices. The immediate support is located around RM1,920.

WTI Crude Oil: $56.25 (-$2.84, -4.83%)
Crude oil prices took a dive as the recent sluggish economic data suggested that demand may remain weak overshadowed OPEC and allies agreed to extended production cut until March 2020. The immediate support is located at US$50.

Gold: $1,418.65 (+$34.46, +2.50%)
Gold prices recovered all tis previous session losses on the unabated concern over global growth slowdown. The immediate support is located around $1,350.

Economic Releases:
CN - China's Caixin Services PMI, 9.45AM
CN - China's Caixin Composite PMI, 9.45AM
EU - Eurozone's Markit Services PMI, 4.00PM
EU - Eurozone's Markit Composite PMI, 4.00PM
US - United States' Markit Services PMI, 9.45PM
US - United States' Markit Composite PMI, 9.45PM
US - United States' ISM Non-Manufacturing PMI, 10.00PM
US - United States' Factory Orders, 10.00PM

Technical Trading Stocks - 3 Jul 19 
Stock Name: CRESBLD (8591)
Entry: Buy above RM1.09
Target: RM1.17 (7.3%), RM1.21 (11.0%)
Stop: RM1.06 (-2.8%)
Shariah: Yes
Technical: Symmetrical triangle formation breakout

Stock Name: MRCB (1651)
Entry: Buy above RM0.99
Target: RM1.07 (8.1%), RM1.15 (16.2%)
Stop: RM0.94 (-5.1%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

 

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