M+ Online Morning Market Buzz - 7 Apr 23

Dow Jones: 33,485.29 pts (+2.57pts, +0.01%)
⬆️ Resistance:  34400
⬇️ Support:  32300

FBM KLCI: 1,424.89 pts (-4.66pts, -0.33%)
⬆️ Resistance:  1470
⬇️ Support:  1390

HSI Index: 20,331.20 pts (+56.61pts, +0.28%)
⬆️ Resistance:  21200
⬇️ Support:  19700

Crude Palm Oil: RM3,802 (-RM21, -0.55%)
⬆️ Resistance:  4060
⬇️ Support:  3640

Brent Oil: $85.12 (+$0.13, +0.15%)
⬆️ Resistance:  88.20
⬇️ Support:  77.00

Gold: $2,007.91 (+$0.31, +0.02%)
⬆️ Resistance:  2080
⬇️ Support:  1920

M+ Online Technical Trading Stocks - 7 Apr 23

Stock Name: MCEMENT (3794)
Entry: Buy above RM2.49
Target: RM2.60 (4.4%), RM2.70 (8.4%)
Stop: RM2.38 (-4.4%)
Shariah: Yes
Technical: Resistance breakout

Stock Name: CAPITALA (5099)
Entry: Buy above RM0.78
Target: RM0.83 (6.4%), RM0.88 (12.8%)
Stop: RM0.75 (-3.8%)
Shariah: Yes
Technical: Flag-formation breakout

Source: Bloomberg, M+ Online

Market update: The FBM KLCI has turned sideways and traded lower for the third day amid profit taking activities following weaker jobs data from the US. However, with the overnight rebound on Wall Street, we may anticipate bargain hunting activities to pick up, but the upside might be capped today as investors might be taking a more cautious tone due the shortened trading week in the US and Hong Kong. We believe the traders will be focusing on the non-farm payrolls data later today.  Commodities wise, the Brent crude oil continues to trade around USD84, while the CPO traded slightly above RM3,800. Gold is still hovering above USD2,000. 
 
Sector focus: Given the rebound on Wall Street, we expect trading interest will build up on the technology stocks. Also, we believe investors will continue to focus on gold related stocks as the gold price is hovering above USD2,000. Meanwhile, traders will be exposing themselves within the defensive sectors such as the REITs, utilities and consumer under this environment.  

Stocks to watch:  
Consumer: CAB, FIHB, KTC, MFLOUR
Aviation: AAX, CAPITALA
Construction & Building material: MCEMENT, TRC
Financial-related: PPJACK, RCECAP
Others: ECOWLD, KPJ, MCEHLDG, NAIM, RANHILL, YENHER

Source: M+ Online

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