M+ Online Morning Market Buzz - 27 Jan 23

Dow Jones: 33,949.41 pts (+205.57pts, +0.61%)
⬆️ Resistance:  34700
⬇️ Support:  32300

FBM KLCI: 1,498.39 pts (-1.06pts, -0.07%)
⬆️ Resistance:  1540
⬇️ Support:  1470

HSI Index: 22,566.78 pts (+522.13pts, +2.37%)
⬆️ Resistance:  23100
⬇️ Support:  21400

Crude Palm Oil: RM3,796 (+RM15, +0.40%)
⬆️ Resistance:  4030
⬇️ Support:  3650

Brent Oil: $87.47 (+$1.35, +1.57%)
⬆️ Resistance:  90.90
⬇️ Support:  83.80

Gold: $1,929.21 (-$16.90, -0.87%)
⬆️ Resistance:  1990
⬇️ Support:  1880

M+ Online Technical Trading Stocks - 27 Jan 23

Stock Name: OPTIMAX (0222)
Entry: Buy above RM0.78
Target: RM0.825 (5.8%), RM0.845 (8.3%)
Stop: RM0.755 (-3.2%)
Shariah: Yes
Technical: Breakout-pullback-continuation

Stock Name: PADINI (7052)
Entry: Buy above RM3.63
Target: RM3.75 (3.3%), RM3.81 (5.0%)
Stop: RM3.52 (-3.0%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

Market update: Despite the weakness as of late, we expect the key index to re-test the 1,500 level, taking cue from the positive sentiment on Wall Street overnight. The lower liners are staying firm amid strong buying interest, but we caution that the overbought position in most of the stocks across Bursa Malaysia may attract quick profit taking over the foreseeable future. Globally, the stronger-than-expected economic data in the US may continue to lend support for further recovery on Wall Street. Commodities wise, the Brent crude oil recovered all its previous session losses to close above USD87/bbl on the back of larger-than-expected drawdown in natural gas inventory, while the CPO price ticked slightly higher, approaching RM3,800/MT. 

Sector focus: We reckon that the energy sector to take the spotlight in tandem with the rebound in crude oil prices. The positive sentiment on Nasdaq overnight may boost the trading interest in the technology sector. Meanwhile, the strong numbers delivered by Capital A may boost the aviation and tourism related stocks.

Stocks to watch: 
Transportation & Logistics: AAX, CAPITALA, MAYBULK, SWIFT
O&G: DAYANG, DELEUM
Consumer: CCK, CYL, KEINHIN, MFLOUR
Medical-related: CENGILD, OPTIMAX
Finance related: AFFIN, RCECAP
Others: BETA, CMSB, IOIPG, KRONO, LCTITAN, MALAKOF 

Source: M+ Online
 

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