M+ Online Morning Market Buzz - 14 Nov 23

Dow Jones: 34,337.87 pts (+54.77pts, +0.16%)
⬆️ Resistance: 35100
⬇️ Support: 33200

FBM KLCI: 1,445.18 pts (-7.09pts, -0.49%)
⬆️ Resistance: 1500
⬇️ Support: 1400

HSI Index: 17,426.21 pts (+222.95pts, +1.30%)
⬆️ Resistance: 18300
⬇️ Support: 16800

Crude Palm Oil: RM3,802 (+RM59, +1.58%)
⬆️ Resistance: 3900
⬇️ Support: 3640

Brent Oil: $81.43 (+$1.23, +1.51%)
⬆️ Resistance: 86.90
⬇️ Support: 77.70

Gold: $1,946.92 (+$6.72, +0.35%)
⬆️ Resistance: 2020
⬇️ Support: 1900

Market update – 10Nov23

The FBM KLCI closed in the negative territory for the session after visiting the intraday low around 1,425. Overall trading sentiment was softer amid profit taking activities prior to the long weekend break. Meanwhile, Wall Street had a good pump last Friday, surging across 3 benchmark indices before turning flat on Monday, where traders were mixed ahead of the CPI data that will be released later tonight with PPI releasing tomorrow. These data will provide significant clues for the Fed to determine the overall interest rate environment going forward and hence the traders were trading cautiously. On the commodity markets, the Brent oil prices rebounded above USD 80/bbl as OPEC kept its demand outlook unchanged with the anticipation of higher demand from China.

Sector focus: After the long weekend break, we expect buying interest to spillover towards stocks on the local front, especially the technology stocks. Meanwhile, the focus may shift back on the O&G sector following the rebound in oil prices. Also, we believe the traders will be positioning ahead of the reporting season within the Construction, Property, Building Material, Utilities and Consumer sectors, in the anticipation of stronger results.

Stocks to watch:

Consumer: CCK
Technology and Telco: EG, REDTONE
Solar-related: CYPARK, PEKAT
Property: KSL
Construction: HSSEB
O&G: WASCO
Shipping: SYGROUP
Others: M&A, PECCA

Source: M+ Online

M+ Online Technical Trading Stocks - 14 Nov 23

Stock Name: EG (8907)
Entry: Buy above RM1.500
Target: RM1.570 (4.7%), RM1.620 (8.0%)
Stop: RM1.440 (-4.0%)
Shariah: Yes
Technical: Impending flag-formation breakout

Stock Name: CCK (7035)
Entry: Buy above RM0.825
Target: RM0.850 (3.0%), RM0.880 (6.7%)
Stop: RM0.800 (-3.0%)
Shariah: Yes
Technical: Uptrend Intact

Source: Bloomberg, M+ Online

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