M+ Online Morning Market Buzz - 15 Nov 23

Dow Jones: 34,827.70 pts (+489.83pts, +1.43%)
⬆️ Resistance: 35700
⬇️ Support: 33200

FBM KLCI: 1,451.72 pts (+6.54pts, +0.45%)
⬆️ Resistance: 1500
⬇️ Support: 1400

HSI Index: 17,396.86 pts (-29.35pts, -0.17%)
⬆️ Resistance: 18200
⬇️ Support: 16800

Crude Palm Oil: RM3,941 (+RM37, +0.95%)
⬆️ Resistance: 3990
⬇️ Support: 3650

Brent Oil: $82.52 (-$0.17, -0.21%)
⬆️ Resistance: 85.70
⬇️ Support: 77.70

Gold: $1,964.29 (+$17.37, +0.89%)
⬆️ Resistance: 2020
⬇️ Support: 1900

Market update – 15 Nov 23

The FBM KLCI higher after the volatile move last Friday and we believe investors could be positioning themselves ahead of the corporate earnings. Meanwhile, the cooler-than-expected CPI data in the US had been fuelling a strong rally. Investors will be watching out the US PPI data that will be releasing tonight; should it come in below the consensus estimates that may provide another boost towards the stocks markets generally. Some other significant data and events includes (i) retail sales later tonight, (ii) unemployment claims on Friday and (iii) meeting between US-China will be on the lookout as well. On the commodity markets, the Brent oil prices traded towards intraday high around USD84/bbl amid softer USD after the CPI data release before easing towards USD82/bbl.

Sector focus: With Wall Street extending its upward move, we believe the trading interest will be revolving around the technology stocks as there might be a potential rerating of valuations for the technology sector after the cooling CPI data. Meanwhile, as we are heading into the full-blown release of the corporate earnings, focus will be seen within the Construction, Property, Building Material, Utilities and Consumer sectors.

Stocks to watch:

Consumer: TEOSENG
Technology: INARI
Solar-related: CYPARK
Property: LBS
Construction: EPICON
Shipping: SYGROUP
Building materials: HIAPTEK
O&G: PANTECH
Utilities: YTLPOWR
Others: SYSTECH

Source: M+ Online

M+ Online Technical Trading Stocks - 15 Nov 23

Stock Name: INARI (0166)
Entry: Buy above RM2.960
Target: RM3.100 (4.7%), RM3.150 (6.4%)
Stop: RM2.910 (-1.7%)
Shariah: Yes
Technical: Impending flag-formation breakout

Stock Name: SYGROUP (5173)
Entry: Buy above RM0.665
Target: RM0.695 (4.5%), RM0.720 (8.3%)
Stop: RM0.650 (-2.3%)
Shariah: Yes
Technical: Consolidation breakout

Source: Bloomberg, M+ Online

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