M+ Online Morning Market Buzz - 15 Nov 22

Dow Jones: 33,536.70 pts (-211.16pts, -0.63%)
⬆️ Resistance:  34700
⬇️ Support:  31900

FBM KLCI: 1,464.00 pts (-4.21pts, -0.29%)
⬆️ Resistance:  1500
⬇️ Support:  1410

HSI Index: 17,619.71 pts (+294.05pts, +1.70%)
⬆️ Resistance:  18400
⬇️ Support:  15700

Crude Palm Oil: RM4,155 (+RM43, +1.05%)
⬆️ Resistance:  4550
⬇️ Support:  4010

Brent Oil: $93.14 (-$2.85, -2.97%)
⬆️ Resistance:  100.30
⬇️ Support:  89.90

Gold: $1,771.40 (+$0.16, +0.01%)
⬆️ Resistance:  1820
⬇️ Support:  1640

M+ Online Technical Trading Stocks - 15 Nov 22

Stock Name: PADINI (7052)
Entry: Buy above RM3.28
Target: RM3.43 (4.6%), RM3.53 (7.6%)
Stop: RM3.16 (-3.7%)
Shariah: Yes
Technical: Hammer candle

Stock Name: CCK (7035)
Entry: Buy above RM0.615
Target: RM0.635 (3.3%), RM0.645 (4.9%)
Stop: RM0.595 (-3.3%)
Shariah: Yes
Technical: Breakout-pullback-continuation

Source: Bloomberg, M+ Online
 

Market update: The FBM KLCI surrendered gains and settled lower as investors took profit ahead of the GE15. Also, global investors should trade cautiously following the comments from the US Federal Reserve officials, reinforcing the view for further interest rate hikes to tame the inflation going forward. Back home, we believe the foreign buying may continue to support the local bourse, within the apolitical stocks as well as solid balance companies to weather through the inflationary environment. Commodities wise, the crude oil price fell, trading just above USD93 per barrel as a climb in China’s Covid-19 cases over the weekend weighed on the price. Meanwhile, the CPO price hovered around RM4,150. 

Sector focus: The glove sector could be poised for further upward move as the market believed that the glove ASP has bottomed out. Besides, solid consumer stocks should gain strength in the upcoming financial reporting period. Meanwhile, selected building material and property stocks may gain momentum.

Stocks to watch: 

Technology: DNEX, MI, WONG
Consumer: FIAMMA, PADINI
Building material: ANNJOO, CMSB
Medical-related: ADVENTA, CAREPLS, HARTA, SUPERMX, TOPGLOV
Property: CHGP, LBS, SIMEPROP, SPSETIA
Power-related: KAB, MALAKOF, YTLPOWR
Others: AIRPORT, CYL, ECOMATE, LITRAK, PPJACK

Source: M+ Online

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