M+ Online Morning Market Buzz - 11 Aug 22

Dow Jones: 33,309.51 pts (+535.10pts, +1.63%)
⬆️ Resistance:  34100
⬇️ Support:  31900

FBM KLCI: 1,492.33 pts (-5.35pts, -0.36%)
⬆️ Resistance:  1540
⬇️ Support:  1470

HSI Index: 19,610.84 pts (-392.60pts, -1.96%)
⬆️ Resistance:  20700
⬇️ Support:  19100

Crude Palm Oil: RM4,168 (+RM57, +1.39%)
⬆️ Resistance:  4280
⬇️ Support:  3620

Brent Oil: $97.40 (+$1.09, +1.13%)
⬆️ Resistance:  100.40
⬇️ Support:  91.00

Gold: $1,792.38 (-$1.91, -0.11%)
⬆️ Resistance:  1850
⬇️ Support:  1730

M+ Online Technical Trading Stocks - 11 Aug 22

Stock Name: HEXIND (0161)
Entry: Buy above RM0.375
Target: RM0.40 (6.7%), RM0.42 (12.0%)
Stop: RM0.35 (-6.7%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: RAMSSOL (0236)
Entry: Buy above RM0.45
Target: RM0.475 (5.6%), RM0.495 (10.0%)
Stop: RM0.425 (-5.6%)
Shariah: No
Technical: Flag-formation breakout

Market update: The FBM KLCI slipped as investors dumped selected glove, technology, and banking stocks prior to the released of the US CPI data. With the CPI numbers came in below the consensus figure, we believe the positive sentiment from Wall Street may spillover to the local front, especially within the technology sector. Investors should expect a lower scale of interest rate hikes moving forward from the Feds. Hence, it provides a decent window of opportunity to at least trade until the next CPI which will be in 13th September. On the commodity markets, the crude oil price rebounded marginally, trading around USD97 while the CPO remained above RM4,150. 

Sector focus: Following the overnight gapped up move on Wall Street, we believe the broader market should trade in a positive-biased mode lead by the technology sector. Meanwhile, investors may look out for solar related stocks after the US customs has detained shipments from China.

Stocks to watch: 

Tech & Telco: ATECH, CORAZA, CTOS, KOBAY, MAXIS, RAMSSOL, SKPRES
Chemical: HEXIND, TEXCHEM
Power-related: CYPARK, SAMAIDEN, TENAGA, YTLPOWR
Finance: ABMB, AMBANK, CIMB
Transportation & Logistics: SWIFT, TNLOGIS
Others: RESINTC, RGTBHD, SCOMNET, SIMEPLT, SIMEPROP 

Source: M+ Online

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