M+ Online Morning Market Buzz - 4 Aug 22

Dow Jones: 32,812.50 pts (+416.33pts, +1.29%)
⬆️ Resistance:  33700
⬇️ Support:  31400

FBM KLCI: 1,490.57 pts (-4.48pts, -0.30%)
⬆️ Resistance:  1540
⬇️ Support:  1450

HSI Index: 19,767.09 pts (+77.88pts, +0.40%)
⬆️ Resistance:  21200
⬇️ Support:  19200

Crude Palm Oil: RM3,831 (-RM33, -0.85%)
⬆️ Resistance:  4400
⬇️ Support:  3690

Brent Oil: $96.78 (-$3.76, -3.74%)
⬆️ Resistance:  112.90
⬇️ Support:  94.60

Gold: $1,765.29 (+$4.90, +0.28%)
⬆️ Resistance:  1830
⬇️ Support:  1700

M+ Online Technical Trading Stocks - 4 Aug 22

Stock Name: JHM (0127)
Entry: Buy above RM1.29
Target: RM1.40 (8.5%), RM1.450 (12.4%)
Stop: RM1.21 (-6.2%)
Shariah: Yes
Technical: Bullish engulfing candle

Stock Name: CHINWEL (5007)
Entry: Buy above RM1.80
Target: RM1.87 (3.9%), RM1.98 (10.0%)
Stop: RM1.73 (-3.9%)
Shariah: Yes
Technical: Monitor for breakout

Market update: The FBM KLCI took another dive amid continuous profit-taking activities as investors digested the strong gains in the previous four sessions. Given the market treated Nancy Pelosi’s visit to Taiwan as non-event, we believe the sentiment will recover along with the regional peers following the sharp gains in the US triggered by robust economic data and stronger corporate earnings. Commodities wise, the crude oil price continued to fall, trading below the USD100 per barrel, while the CPO price dropped and traded around RM3,800. 

Sector focus: The technology sector may rebound higher taking the positive cue from the strong gains in the Nasdaq overnight. However, the energy sector should take a breather amid the declining crude oil price which is traded below USD100 per barrel mark. Meanwhile, the uplift of workers bans entering Malaysia from Indonesia could boost the sentiment on the plantation and construction sectors.

Stocks to watch: 

Technology & Telco: CTOS, GENETEC, GREATEC, GTRONIC, JFTECH, JHM, KGB, KOBAY, UWC, YBS
Consumer: FFB, FIAMMA
Property & REITs: AXREIT, IGBREIT, SPSETIA
Building material & Construction: AME, CHINWEL, MUHIBAH, PMBTECH, PMETAL
Healthcare: CENGILD, KPJ
Others: ABMB, HARNLEN, MFCB, PANTECH, PECCA, PGF, RESINTC, TASCO, TEXCHEM

Source: M+ Online

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