M+ Online Morning Market Buzz - 1 Nov 23

Dow Jones: 33,052.87 pts (+123.91pts, +0.38%)
⬆️ Resistance: 34000
⬇️ Support: 31700

FBM KLCI: 1,442.14 pts (+2.94pts, +0.20%)
⬆️ Resistance: 1480
⬇️ Support: 1410

HSI Index: 17,112.48 pts (-293.88pts, -1.69%)
⬆️ Resistance: 17900
⬇️ Support: 16600

Crude Palm Oil: RM3,696 (+RM17, +0.46%)
⬆️ Resistance: 3890
⬇️ Support: 3560

Brent Oil: $85.02 (-$1.33, -1.54%)
⬆️ Resistance: 92.60
⬇️ Support: 85.00

Gold: $1,983.88 (-$12.22, -0.61%)
⬆️ Resistance: 2050
⬇️ Support: 1930

Market update – 1 Nov 23

The FBM KLCI could be experiencing a flag formation breakout, despite softer closing in the regional markets, where it was affected by the softer China PMI data. Meanwhile, investors traded more positively on Wall Street ahead of the conclusion of the FOMC meeting, as the consensus view is that the interest rate will be kept unchanged. Given the more positive setup within the overall global markets, we believe the buying interest may spillover to the local front. Key data to watch out will be the (i) US ISM Manufacturing PMI, and (ii) jobs data. Also, if there is a switch of tone from the Fed in the FOMC meeting, it may provide additional volatility to the markets. On the commodity markets, the Brent oil prices fell more than 1% as data showed rising OPEC and the US output.

Sector focus: With the better sentiment abroad, the buying interest may emerge within the Technology sector. Also, as we are heading into the corporate earnings season, we like the Utilities, renewable energy segment as well as the Construction and Property sectors as this quarter may be positive due to normalising building material costs as well as capturing higher sales in the post-Covid environment.

Stocks to watch:

Property: IOIPG, UEMS
Financial: PPJACK
Technology: SFPTECH
Utilities: YTLPOWR
Construction: IJM
Automotive: BAUTO
Renewable energy: CYPARK

Source: M+ Online

M+ Online Technical Trading Stocks - 1 Nov 23

Stock Name: YTLPOWR (6742)
Entry: Buy above RM2.110
Target: RM2.240 (6.2%), RM2.300 (9.0%)
Stop: RM2.040 (-3.3%)
Shariah: No
Technical: Breakout-pullback-continuation

Stock Name: PPJACK (0242)
Entry: Buy above RM1.000
Target: RM1.060 (6.0%), RM1.090 (9.0%)
Stop: RM0.990 (-1.0%)
Shariah: No
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

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