Market update: The FBM KLCI turned sideways and profit taking activities emerged with the negative performance on Wall Street overnight. With further selling pressure seen on the technology sector in the US as the market could be pricing in a recession scenario as the 10-year treasury yield dip further, coupled with the private payrolls that came in below expectations, we believe the selling activities may spillover to stocks on the local front; specifically on the technology stocks. Commodities wise, the Brent crude oil continues to trade around USD84, while the CPO traded slightly below RM3,900. Gold, the safe haven asset is located above the USD2,000 level.  
  
Sector focus: With the Nasdaq falling more than 1%, it may exert pressure on the technology sector for the session. Meanwhile, we believe investors may lookout for gold related stocks in view of the firm gold price.  Also, we expect traders to position themselves within defensive sectors such as the REITs, utilities and consumer sectors. 
Stocks to watch:   
Technology: EG, *KRONO*, PENTA, *QES* 
O&G: *CARIMIN*, DANCO, *WASEONG* 
Property: ECOWLD, *NCT*, *SIMEPROP* 
Consumer: BAUTO, PWF 
Others: *CMSB*, *KPJ*, MCEHLDG, OSK 
 
M+ Online Morning Market Buzz - 6 Apr 23 
 
Dow Jones: 33,482.72 pts (+80.34pts, +0.24%) 
⬆️ Resistance:  34400 
⬇️ Support:  32100 
 
FBM KLCI: 1,429.55 pts (-0.06pts, -0.00%) 
⬆️ Resistance:  1470 
⬇️ Support:  1390 
 
HSI Index: 20,274.59 pts (-134.59pts, -0.66%) 
⬆️ Resistance:  21200 
⬇️ Support:  19700 
 
Crude Palm Oil: RM3,894 (+RM26, +0.67%) 
⬆️ Resistance:  4060 
⬇️ Support:  3610 
 
Brent Oil: $84.99 (+$0.05, +0.06%) 
⬆️ Resistance:  88.20 
⬇️ Support:  76.40 
 
Gold: $2,020.73 (+$0.31, +0.02%) 
⬆️ Resistance:  2080 
⬇️ Support:  1920 
 

M+ Online Technical Trading Stocks - 6 Apr 23

Stock Name: CENGILD (0243)
Entry: Buy above RM0.475
Target: RM0.51 (7.4%), RM0.53 (11.6%)
Stop: RM0.45 (-5.3%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: WASEONG (5142)
Entry: Buy above RM0.805
Target: RM0.86 (6.8%), RM0.875 (8.7%)
Stop: RM0.76 (-5.6%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

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