M+ Online Morning Market Buzz - 7 Nov 23

Dow Jones: 34,095.86 pts (+34.54pts, +0.10%)
⬆️ Resistance: 34900
⬇️ Support: 32200

FBM KLCI: 1,464.67 pts (+14.74pts, +1.02%)
⬆️ Resistance: 1500
⬇️ Support: 1410

HSI Index: 17,966.59 pts (+302.47pts, +1.71%)
⬆️ Resistance: 18400
⬇️ Support: 16700

Crude Palm Oil: RM3,776 (+RM23, +0.61%)
⬆️ Resistance: 3890
⬇️ Support: 3590

Brent Oil: $84.89 (+$0.27, +0.32%)
⬆️ Resistance: 90.40
⬇️ Support: 82.90

Gold: $1,978.14 (-$14.51, -0.73%)
⬆️ Resistance: 2050
⬇️ Support: 1940

Market update – 7 Nov 23

The FBM KLCI ended on a positive note for the third session, rising more than 2% from the last week’s low. Also, we noticed the ringgit trend strengthened significantly from RM4.7925/USD to RM4.6330/USD as foreign investors scoop up the local equities. However, with the Wall Street ended slightly flattish following the run up by more than 5-7% across the 3 major benchmark indices, coupled with the rising 10-year US Treasury yield ahead of the Fed speech this week, overall market could be taking a breather on the back of profit taking activities. On the commodity markets, the Brent oil prices had a volatile move, trading off the high of USD86.41 despite the ongoing geopolitical tension, coupled with Saudi and Russia confirming the production cuts towards end-2023.

Sector focus: Although Wall Street ended slightly higher, the profit taking activities could emerge and rallies across the board may take a breather. However, as we are heading into the reporting season month, we are still bullish on the O&G sector, fuelled by a positive environment in the oil markets. Besides, we favour the Construction, Property, Building Material, Utilities and Consumer sectors.

Stocks to watch:

Technology: ATECH, ITMAX
O&G: WASCO
Financial: RCECAP
Building material: LEFORM, MIKROMB
Property: ECOWLD
Construction: GAMUDA, IJM
Consumer: PWF

Source: M+ Online

M+ Online Technical Trading Stocks - 7 Nov 23

Stock Name: ATECH (5302)
Entry: Buy above RM2.650
Target: RM2.810 (6.0%), RM2.930 (10.6%)
Stop: RM2.550 (-3.8%)
Shariah: Yes
Technical: Symmetrical triangle formation breakout

Stock Name: RCECAP (9296)
Entry: Buy above RM2.550
Target: RM2.650 (3.9%), RM2.700 (5.9%)
Stop: RM2.490 (-2.4%)
Shariah: Yes
Technical: Consolidation breakout

Source: Bloomberg, M+ Online

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