M+ Online Morning Market Buzz - 20 Nov 23

Dow Jones: 34,947.28 pts (+1.81pts, +0.01%)
⬆️ Resistance: 35800
⬇️ Support: 33600

FBM KLCI: 1,460.67 pts (-4.01pts, -0.27%)
⬆️ Resistance: 1500
⬇️ Support: 1420

HSI Index: 17,454.19 pts (-378.63pts, -2.12%)
⬆️ Resistance: 18600
⬇️ Support: 16800

Crude Palm Oil: RM3,931 (-RM67, -1.68%)
⬆️ Resistance: 4130
⬇️ Support: 3750

Brent Oil: $80.61 (+$3.19, +4.12%)
⬆️ Resistance: 85.70
⬇️ Support: 75.10

Gold: $1,980.82 (-$0.08, -0.00%)
⬆️ Resistance: 2040
⬇️ Support: 1900

Market update – 20 Nov 23
Sideways ranging mode

For the week, the FBM KLCI closed higher by 1.07% as amid inflow of foreign funds coupled with the spillover buying support from Wall Street. The softer-than-expected inflation data has boosted the US stock markets for the third week straight. This week, we believe traders will be focusing on the FOMC meeting minutes, to find more clues on the interest rate direction. Other data such as unemployment claims as well as manufacturing and services PMI on Friday will be monitored. For the local market, traders may trade cautiously amid the ongoing corporate reporting season. On the commodity markets, the Brent oil prices rebounded above USD80/bbl as OPEC+ may consider additional steps to support prices by cutting production.

Sector focus: From the technical readings of the broader market, we noticed buying support was seen within the Utilities, Property and Transportation & Logistics sectors and follow through buying interest could be seen this week. Meanwhile, the O&G sector may rebound following the spike in Brent oil prices. Besides, we still like the Construction, Building Material, and Consumer sectors in anticipation of better earnings momentum for 3QCY23.

Stocks to watch:

Property: MAHSING, OSK
Consumer: TEOSENG
Transportation: SYGROUP
Technology: GTRONIC, MYEG
O&G: PANTECH
Construction: GFM
Financial-related: *MBSB*
Others: HEXZA

Source: M+ Online

M+ Online Technical Trading Stocks - 20 Nov 23

Stock Name: OSK (5053)
Entry: Buy above RM1.220
Target: RM1.270 (4.1%), RM1.300 (6.6%)
Stop: RM1.190 (-2.5%)
Shariah: No
Technical: Breakout-pullback-continuation

Stock Name: GTRONIC (7022)
Entry: Buy above RM1.550
Target: RM1.600 (3.2%), RM1.630 (5.2%)
Stop: RM1.510 (-2.6%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

Disclaimer

The content published is solely for information and personal use only. It should not be construed to be, any advice, recommendation, offer or invitation to buy or sell any securities, futures contracts or any other instrument. Readers should seek independent advice from their own professional advisers (including legal, tax, financial and accounting) as to the risks and merits before entering into any transaction pursuant to or in reliance on any information here.

The content published above shall only be for your sole and personal non-professional use. No guarantee is given on the accuracy or completeness of the information published here. No warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person or group of persons acting on such information.