M+ Online Morning Market Buzz - 21 Oct 22

Dow Jones: 30,333.59 pts (-90.22pts, -0.30%)
⬆️ Resistance:  31500
⬇️ Support:  29100

FBM KLCI: 1,437.72 pts (+22.62pts, +1.60%)
⬆️ Resistance:  1470
⬇️ Support:  1350

HSI Index: 16,280.22 pts (-231.06pts, -1.40%)
⬆️ Resistance:  17400
⬇️ Support:  15700

Crude Palm Oil: RM4,083 (-RM13, -0.32%)
⬆️ Resistance:  4280
⬇️ Support:  3530

Brent Oil: $92.38 (-$0.03, -0.03%)
⬆️ Resistance:  97.10
⬇️ Support:  87.00

Gold: $1,628.02 (-$1.42, -0.09%)
⬆️ Resistance:  1710
⬇️ Support:  1600

M+ Online Technical Trading Stocks - 21 Oct 22

Stock Name: HIBISCS (5199)
Entry: Buy above RM0.95
Target: RM0.995 (4.7%), RM1.05 (10.5%)
Stop: RM0.905 (-4.7%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: AJIYA (7609)
Entry: Buy above RM1.22
Target: RM1.30 (6.6%), RM1.35 (10.7%)
Stop: RM1.16 (-4.9%)
Shariah: Yes
Technical: Monitor for breakout

Market update: The FBM KLCI closed at intraday high spurred by persisted buying momentum in PCHEM and selected banking heavyweight after the announcement on the GE15 polling date. Nevertheless, we opine that the local bourse may trade sideways amid prevailing global and local headwinds, such as the political turmoil in the UK following the Prime Minister’s resignation and the still-hawkish Federal Reserve tone on the US interest rate direction. Meanwhile, investors are waiting for the outcome of the GE15. Commodities wise, the crude oil price sustained above USD92, while the CPO price hovered above RM4,000.  

Sector focus: Given the announcement on GE15 polling date, investors may position themselves into political related counters. Besides, China’s possible cutting on inbound quarantine may benefit the airline industry. Meanwhile, the technology sector may see mild profit taking activities following a decline in Wall Street Nasdaq.

Stocks to watch: 

Consumer: BAUTO, CYL, PWROOT, SDS
Construction & Building material: EFRAME, EIB, PMBTECH, PMETAL
Medical related: CAREPLS, OPTIMAX, SUPERMX
O&G: GASMSIA, PANTECH, PETRONM
Technology: AWANTEC, DSONIC, LGMS, MYTECH 
Others: ABMB, APB, OPCOM, PECCA, SAMAIDEN

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.