M+ Online Morning Market Buzz - 18 Apr 23

Dow Jones: 33,987.18 pts (+100.71pts, +0.30%)
⬆️ Resistance:  34800
⬇️ Support:  33000

FBM KLCI: 1,434.90 pts (-0.23pts, -0.02%)
⬆️ Resistance:  1470
⬇️ Support:  1400

HSI Index: 20,782.45 pts (+343.64pts, +1.68%)
⬆️ Resistance:  21300
⬇️ Support:  19500

Crude Palm Oil: RM3,642 (+RM4, +0.11%)
⬆️ Resistance:  4000
⬇️ Support:  3500

Brent Oil: $84.76 (-$1.55, -1.80%)
⬆️ Resistance:  89.30
⬇️ Support:  82.10

Gold: $1,995.19 (-$8.98, -0.45%)
⬆️ Resistance:  2090
⬇️ Support:  1950

M+ Online Technical Trading Stocks - 18 Apr 23

Stock Name: BONIA (9288)
Entry: Buy above RM2.36
Target: RM2.53 (7.2%), RM2.62 (11.0%)
Stop: RM2.21 (-6.4%)
Shariah: Yes
Technical: Breakout-pullback-continuation

Stock Name: SUNVIEW (0262)
Entry: Buy above RM0.86
Target: RM0.93 (8.1%), RM1.00 (16.3%)
Stop: RM0.80 (-7.0%)
Shariah: Yes
Technical: Flag-formation breakout

Market update: The FBM KLCI saw a mild pullback as investors remained wary of the global economic outlook and trading softer ahead of the festive break, while the defensive sectors such as the telco and utilities were clear winners. Meanwhile, the global sentiment was positive as Wall Street could be hoping for more positive earnings report this week, and regional markets may head higher as traders may be upbeat on GDP growth in China. Commodities wise, the Brent crude oil saw mild pullback towards USD84 per barrel as investors mulled over potential higher US Dollar and interest rate, while the CPO traded above RM3,600. Gold price fell below the psychological USD2,000 level. 
 
Sector focus: Given the rise on Wall Street, buying interest may spillover to the technology sector. Besides, the banking sector may gain traction following the recovery within the US banking stocks. On the other hand, energy stocks may see pullback in tandem with slight retracement in crude oil prices.

Stocks to watch: 
Telco: TIMECOM, MAXIS, OCK 
Utilities: YTLPOWR, GASMSIA, MFCB
Energy: DAYANG, CARIMIN
Consumer:  PADINI, BONIA, MFLOUR
Others: EG, NAIM, RCECAP, SUNVIEW, BPLANT

Source: M+ Online

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