M+ Online Morning Market Buzz - 23 Feb 23

Dow Jones: 33,045.09 pts (−84.50pts, -0.26%)
⬆️ Resistance: 35000
⬇️ Support: 32800

FBM KLCI: 1,464.00 pts (-10.01pts, -0.68%)
⬆️ Resistance: 1489
⬇️ Support: 1434

HSI: 20,423.84 pts (-105.65pts, -0.51%)
⬆️ Resistance: 21200
⬇️ Support: 20000

Crude Palm Oil: RM4,208.00 (+RM62.00, +1.50%)
⬆️ Resistance: 4310
⬇️ Support: 3850

Brent Oil: $80.51 (-$2.54 -3.06%)
⬆️ Resistance: 87
⬇️ Support: 81

Gold: $1,825.39 (-$9.70, -0.53%)
⬆️ Resistance: 1891
⬇️ Support: 1809

M+ Online Technical Trading Stocks - 23 Feb 23

Stock Name: EFRAME (0227)
Entry: Buy above RM0.99
Target: RM1.08 (9.1%), RM1.10 (11.1%)
Stop: RM0.94 (-5.1%)
Shariah: No
Technical: Flag-formation breakout

Stock Name: CCK (7035)
Entry: Buy above RM0.75
Target: RM0.79 (5.3%), RM0.825 (10.0%)
Stop: RM0.72 (-4.0%)
Shariah: Yes
Technical: Resistance breakout

Source: Bloomberg, M+ Online

Market update: The FBM KLCI retreated from a rebound-attempt yesterday, taking cue from the bearish regional markets following the negative performance on Wall Street. As broad-based selldown persisted on Wall Street, investors may remain cautious while eyeing the inflation data for more clues on the interest rate directions going forward. On the local front, all eyes shall be on the re-tabling of Budget 2023 tomorrow as well as Malaysia’s inflation rate. Commodities wise, the Brent crude oil price staged a pullback towards USD80 following a substantial rise earlier after data showing crude inventory build, while the CPO price hovered above RM4,200. 
 
Sector focus: While the regional markets may remain negative, investors may look out for trading opportunities in renewable energy, EV, and construction sectors prior to the re-tabling of Budget 2023. Meanwhile, the plantation sector should gain momentum given the solid CPO price.

Stocks to watch: 
O&G: PENERGY, T7GLOBAL, WASEONG
Construction: GAMUDA, NESTCON
Building material: ALCOM, EFRAME
Automotive: PECCA, UMW
Others: AWC, AXIATA, HHGROUP, KSL, PPHB, RGB, TOYOVEN, YSPSAH

Source: M+ Online

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