M+ Online Morning Market Buzz - 25 Aug 22

Dow Jones: 32,969.23 pts (+59.64pts, +0.18%)
⬆️ Resistance:  34800
⬇️ Support:  32200

FBM KLCI: 1,467.26 pts (-15.31pts, -1.03%)
⬆️ Resistance:  1560
⬇️ Support:  1440

HSI Index: 19,268.74 pts (-234.51pts, -1.20%)
⬆️ Resistance:  20400
⬇️ Support:  18900

Crude Palm Oil: RM4,262 (-RM46, -1.07%)
⬆️ Resistance:  4440
⬇️ Support:  3920

Brent Oil: $101.22 (+$1.00, +1.00%)
⬆️ Resistance:  104.00
⬇️ Support:  90.60

Gold: $1,751.19 (+$3.05, +0.17%)
⬆️ Resistance:  1810
⬇️ Support:  1700

M+ Online Technical Trading Stocks - 25 Aug 22

Stock Name: EPMB (7773)
Entry: Buy above RM1.06
Target: RM1.14 (7.5%), RM1.20 (13.2%)
Stop: RM1.00 (-5.7%)
Shariah: Yes
Technical: Flag-formation breakout

Stock Name: SKPRES (7155)
Entry: Buy above RM1.66
Target: RM1.75 (5.4%), RM1.81 (9.0%)
Stop: RM1.60 (-3.6%)
Shariah: Yes
Technical: Monitor for breakout

Market update: The FBM KLCI continues to decline further below the 1,500 psychological level as foreign buying interest faded. Given the flattish performance on Wall Street we expect trading interest may stay muted on the local front, especially ahead of the Jackson Hole meeting, where traders are speculating a more hawkish tone from the Fed. However, we think some bargain hunting activities may emerge within the technology sector after the selldown, at least for today. Meanwhile, the OPEC is calling a production cut should bode well for Brent oil price; currently it is trading above USD100 and its SMA200.

Sector focus: Given the setup, we expect the technology sector to trade higher for the session, while expect the O&G sector will stay positive on the back of firmer crude oil price. As we are nearing the end of the reporting season, the earnings catalyst may wane throughout this week and traders may look out for construction and building material stocks ahead of the Budget 2023.

Stocks to watch: 

Consumer: BJFOOD, BONIA, MRDIY, PADINI, PWROOT, SDS
Building material: CMSB, PMBTECH
O&G: ARMADA, DAYANG
Energy-related: MALAKOF, RANHILL, SAMAIDEN, SLVEST
Technology-related: ELSOFT, FPGROUP, KOBAY, LGMS, MPI, SKPRES
Others: ECOMATE, EPMB, TEXCHEM

Source: M+ Online

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