M+ Online Morning Market Buzz - 14 Jul 23

Dow Jones: 34,395.14 pts (+47.71pts, +0.14%)
⬆️ Resistance: 35300
⬇️ Support: 33100

FBM KLCI: 1,396.23 pts (-1.83pts, -0.13%)
⬆️ Resistance: 1430
⬇️ Support: 1360

HSI Index: 19,350.62 pts (+489.67pts, +2.60%)
⬆️ Resistance: 19800
⬇️ Support: 18000

Crude Palm Oil: RM3,876 (+RM11, +0.28%)
⬆️ Resistance: 4070
⬇️ Support: 3730

Brent Oil: $81.36 (+$1.25, +1.56%)
⬆️ Resistance: 83.40
⬇️ Support: 74.60

Gold: $1,960.51 (+$3.16, +0.16%)
⬆️ Resistance: 2010
⬇️ Support: 1880

M+ Online Technical Trading Stocks - 14 Jul 23

Stock Name: SUNVIEW (0262)
Entry: Buy above RM0.94
Target: RM0.985 (4.8%), RM1.00 (6.4%)
Stop: RM0.895 (-4.8%)
Shariah: Yes
Technical: Flag-formation breakout

Stock Name: INFOTEC (0253)
Entry: Buy above RM0.795
Target: RM0.85 (6.9%), RM0.875 (10.1%)
Stop: RM0.755 (-5.0%)
Shariah: No
Technical: Breakout-pullback-continuation

Source: Bloomberg, M+ Online

Market update: Signs of quick profit taking activities emerged within the local bourse as the key index was not able to climb and close above the 1,400 psychological level. We expect further recovery to be in store as foreign funds have turned into a net buying position in recent 2 days. On the other hand, the lower liners may continue to build onto their recovery momentum, taking advantage of the positive market sentiment. With inflationary pressure cooling off in the US, upward movements could sustain over the near term. Commodities wise, the Brent crude oil climbed above USD81, while the CPO steadied above RM3,800.

Sector focus: We continue to favour the technology sector on the back of the extended uptrend momentum on Nasdaq overnight. The energy sector will be buoyed by the rising crude oil prices after Saudi Arabia pledged to extend a production cut of 1.0m barrels per day (bpd) in August 2023, while Russia will cut exports by 500,000 bpd. Firmer CPO prices that track the gains on soybean oil and recovery in demand from India should boost the plantation sector.

Stocks to watch:
Technology: PENTA, INFOTEC, SYSTECH, EFORCE
Construction: GAMUDA, ADVCON, WCT
Plantation: BPLANT, TAANN, PLS
Solar-related: SAMAIDEN, PEKAT, SUNVIEW
Others: ABMB, CAB, UZMA, OSK, MFLOUR

Source: M+ Online

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