M+ Online Morning Market Buzz - 15Sep22

Dow Jones: 31,135.09 pts (+30.12pts, +0.10%)
⬆️ Resistance:  33200
⬇️ Support:  30300

FBM KLCI: 1,468.44 pts (-19.40pts, -1.30%)
⬆️ Resistance:  1540
⬇️ Support:  1440

HSI Index: 18,847.10 pts (-479.76pts, -2.48%)
⬆️ Resistance:  19900
⬇️ Support:  18500

Crude Palm Oil: RM3,825 (-RM31, -0.80%)
⬆️ Resistance:  4000
⬇️ Support:  3420

Brent Oil: $94.10 (+$0.93, +1.00%)
⬆️ Resistance:  97.80
⬇️ Support:  85.50

Gold: $1,697.32 (-$4.85, -0.28%)
⬆️ Resistance:  1770
⬇️ Support:  1660

M+ Online Technical Trading Stocks - 15Sep22

Stock Name: DAYANG (5141)
Entry: Buy above RM1.12
Target: RM1.20 (7.1%), RM1.25 (11.6%)
Stop: RM1.06 (-5.4%)
Shariah: Yes
Technical: Bullish engulfing candle

Stock Name: PECCA (5271)
Entry: Buy above RM0.84
Target: RM0.88 (4.8%), RM0.895 (6.5%)
Stop: RM0.80 (-4.8%)
Shariah: Yes
Technical: Monitor for breakout

Market update The FBM KLCI witnessed another wipe-out along with the regional peers on the back of inflation-induced rout. We believe market should remain volatile at least until the FOMC meeting which will be held next week as investors will be waiting for more clarity from the Fed’s Chairman Jerome Powell going forward on the interest rate decision; currently the market is pricing in a 75-basis point rate hike. Meanwhile, geo-political uncertainties could be capping the upside reward at this juncture. Commodities wise, the crude oil ticked up to USD94 per barrel mark, while the CPO traded above RM3,800. 

Sector focus: With the Baltic Dry index up for the sixth straight session to a nearly six-week high, we are optimistic on the transportations & logistics sector. Besides, the banking sector should remain robust amid the interest rate upcycle environment. The technology sector may see mild rebound following Nasdaq’s overnight gains, but upside reward might be limited.

Stocks to watch: 

Solar-related: CYPARK, SAMAIDEN
O&G: DAYANG, UZMA, YINSON
Technology: FRONTKN, KGB, MI, SKPRES 
Telco: REDTONE, TIMECOM
Consumer: BAUTO, ORGABIO, PADINI, REVENUE
Others: KEINHIN, MASTER

Source: M+ Online
 

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