M+ Online Morning Market Buzz - 21 Nov 23

Dow Jones: 35,151.04 pts (+203.76pts, +0.58%)
⬆️ Resistance: 36000
⬇️ Support: 33900

FBM KLCI: 1,456.92 pts (-3.75pts, -0.26%)
⬆️ Resistance: 1500
⬇️ Support: 1420

HSI Index: 17,778.07 pts (+323.88pts, +1.86%)
⬆️ Resistance: 18600
⬇️ Support: 17100

Crude Palm Oil: RM3,983 (+RM49, +1.25%)
⬆️ Resistance: 4130
⬇️ Support: 3750

Brent Oil: $80.61 (+$1.43, +1.77%)
⬆️ Resistance: 85.70
⬇️ Support: 75.10

Gold: $1,978.07 (-$2.75, -0.14%)
⬆️ Resistance: 2040
⬇️ Support: 1910

Market update – 21 Nov 23
Uptrend move to resume

The FBM KLCI retraced for the third session after the flag breakout. Meanwhile, Wall Street surged higher, supported by the buying interest within Nvidia and Microsoft and both were pushed towards new highs; Nvidia was higher in view of better results in the upcoming corporate earnings, while the OpenAI ex-CEO joining Microsoft may enhance the company into an AI powerhouse. We believe these positive catalysts may provide trading opportunities towards crafting new highs in the stock markets at least for the near term, offsetting the FOMC meeting minutes that will be released tomorrow. Closer to home, the focus will be on the ongoing reporting season. On the commodity markets, the Brent oil prices traded near USD82/bbl with the expectations that OPEC+ will take steps to extend the oil production cuts.

Sector focus: Given the bullish tone on Wall Street with the help of the tech giants, we expect buying support to be seen within the Technology sector. Meanwhile, we are anticipating stronger results from sectors such as the Utilities, Property, Building Material, Construction, Consumer and Transportation & Logistics sectors and buying support should be seen. Meanwhile, traders could perform short term trades in the O&G stocks amid the rebound in Brent oil prices.

Stocks to watch:

Financial-related: MBSB, RCECAP
Solar: SLVEST
Technology: MYEG, UNISEM
Chemical-related: LUXCHEM
Property: IBRACO, KERJAYA
Consumer: PENSONI
Transportation: SYGROUP

Source: M+ Online

M+ Online Technical Trading Stocks - 21 Nov 23

Stock Name: RCECAP (9296)
Entry: Buy above RM2.610
Target: RM2.750 (5.4%), RM2.800 (7.3%)
Stop: RM2.530 (-3.1%)
Shariah: Yes
Technical: Breakout-pullback-continuation

Stock Name: SLVEST (0215)
Entry: Buy above RM1.290
Target: RM1.340 (3.9%), RM1.370 (6.2%)
Stop: RM1.260 (-2.3%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

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