M+ Online Morning Market Buzz - 20Sep22

Dow Jones: 31,019.68 pts (+197.26pts, +0.64%)
⬆️ Resistance:  32700
⬇️ Support:  30000

FBM KLCI: 1,451.52 pts (-15.79pts, -1.08%)
⬆️ Resistance:  1530
⬇️ Support:  1420

HSI Index: 18,565.97 pts (-195.72pts, -1.04%)
⬆️ Resistance:  19900
⬇️ Support:  18200

Crude Palm Oil: RM3,672 (-RM28, -0.76%)
⬆️ Resistance:  4000
⬇️ Support:  3600

Brent Oil: $92.00 (+$0.65, +0.71%)
⬆️ Resistance:  97.80
⬇️ Support:  86.80

Gold: $1,675.84 (+$0.78, +0.05%)
⬆️ Resistance:  1770
⬇️ Support:  1630

M+ Online Technical Trading Stocks - 20Sep22

Stock Name: AFFIN (5185)
Entry: Buy above RM2.11
Target: RM2.17 (2.8%), RM2.23 (5.7%)
Stop: RM2.05 (-2.8%)
Shariah: No
Technical: Monitor for breakout

Stock Name: COASTAL (5071)
Entry: Buy above RM2.04
Target: RM2.15 (5.4%), RM2.20 (7.8%)
Stop: RM1.95 (-4.4%)
Shariah: No
Technical: Uptrend Intact

Market update The FBM KLCI tumbled along with the regional peers as global sentiment was dampened by fears over global recession under the interest rate upcycle environment. Also, we believe the local bourse will remain volatile at least until the US Fed’s September meeting amidst heightened expectations for hawkish monetary policy decisions. Commodities wise, the crude oil price hovered around USD92 per barrel mark, while the CPO price retraced from RM3,700. Meanwhile, fears over global recession may continue to weigh on commodities prices. 

Sector focus: Nevertheless, with the slight rebound on Wall Street, we expect bargain hunting activities to emerge within the technology stocks at least for today’s session. Meanwhile, we like selected uptrend stocks under the energy sector as Brent oil price is still hovering around USD92. Besides, investors may focus on the banking sector under the interest rate upcycle environment.

Stocks to watch: 

Technology: D&O, KGB, KOBAY, SKPRES
Consumer: FIAMMA, KEINHIN, PCCS, TGUAN
O&G: COASTAL, DAYANG
Furniture-related: ECOMATE, TAFI
Others: BAUTO, GAMUDA, HEXTAR, MALAKOF, OCK

Source: M+ Online

Disclaimer

The content published is solely for information and personal use only. It should not be construed to be, any advice, recommendation, offer or invitation to buy or sell any securities, futures contracts or any other instrument. Readers should seek independent advice from their own professional advisers (including legal, tax, financial and accounting) as to the risks and merits before entering into any transaction pursuant to or in reliance on any information here.

The content published above shall only be for your sole and personal non-professional use. No guarantee is given on the accuracy or completeness of the information published here. No warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person or group of persons acting on such information.