KLSE Traders Update and Ideas

Daily Market Update - 10 Jul 2019 (JAKS, KGB)

mplus313
Publish date: Wed, 10 Jul 2019, 08:20 AM
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This blog provides market updates and trading ideas that I gather from around the web.

Dow Jones: 26,783.49 pts (-22.65pts, -0.08%)
U.S. stockmarkets finished on a mixed note as the Dow (-0.1%) recorded its third consecutive session of decline, but the S&P 500 added 0.1% after being nudged into the positive territory in the eleventh trading hour. The immediate resistance is located at 27,000.

FBM KLCI: 1,682.87 pts (+5.23pts, +0.31%)
The FBM KLCI (+0.3%) halted a four-day losing streak after Bank Negara Malaysia kept its benchmark interest rates unchanged in the latest monetary policy meeting. The immediate resistance is located at 1,700.

Crude Palm Oil: RM1,942 (-RM3, -0.15%)
Crude palm oil prices extended its losses to close at its lowest level in four years dragged down by the weakness in soybean oil prices, coupled with the expectation over rising production in July 2019. The immediate support is located around RM1,920.

WTI Crude Oil: $57.83 (+$0.17, +0.30%)
Crude oil prices recorded its fourth straight session of gains, boosted by the larger-than-expected weekly decline in U.S. inventory level. The immediate resistance is located at US$60.

Gold: $1,397.61 (+$2.08, +0.15%)
Gold prices rebounded from three-day decline ahead of the U.S. Federal Reserve testimony on future interest rate direction. The immediate resistance is located around $1,450.

Economic Releases:
JP - Japan's Producer Price Index, 7.50AM
CN - China's Inflation Rate, 9.30AM
CN - China's Producer Price Index, 9.30AM
UK - United Kingdom's Manufacturing Production, 4.30PM
UK - United Kingdom's Industrial Production, 4.30PM

Technical Trading Stocks - 10 Jul 19 
Stock Name: JAKS (4723)
Entry: Buy above RM0.81
Target: RM0.90 (11.1%), RM0.94 (16.0%)
Stop: RM0.74 (-8.6%)
Shariah: Yes
Technical: Flag-formation breakout

Stock Name: KGB (0151)
Entry: Buy above RM1.29
Target: RM1.40 (8.5%), RM1.45 (12.4%)
Stop: RM1.21 (-6.2%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

 

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