M+ Online Morning Market Buzz - 28 Nov 23

Dow Jones: 35,333.47 pts (-56.68pts, -0.16%)
⬆️ Resistance:  36200
⬇️ Support:  34400

FBM KLCI: 1,448.15 pts (-5.77pts, -0.40%)
⬆️ Resistance:  1500
⬇️ Support:  1420

HSI Index: 17,525.06 pts (-34.36pts, -0.20%)
⬆️ Resistance:  18500
⬇️ Support:  17100

Crude Palm Oil: RM3,913 (+RM22, +0.57%)
⬆️ Resistance:  4110
⬇️ Support:  3780

Brent Oil: $80.58 (-$0.53, -0.66%)
⬆️ Resistance:  84.40
⬇️ Support:  76.90

Gold: $2,014.13 (+$13.31, +0.67%)
⬆️ Resistance:  2060
⬇️ Support:  1940

Market update – 28 Nov 23
Mild breather after a significant rally

The FBM KLCI further consolidated with more profit taking off the tables as 60% of the index heavyweights closed lower in line with the regional sentiment. Meanwhile, Wall Street inched lower for the session as the holiday shopping season kicked in and retailers could be focusing on Cyber Monday deals. In the US, investors will be focusing on the core PCE and ISM Manufacturing PMI data that will be later this week. Meanwhile, we expect mild profit taking activities to emerge on our local front, while focusing on the overall earnings season. On the commodity markets, the Brent oil prices traded near USD80/bbl with the anticipation that further production cuts may be seen in the OPEC+ meeting on 30th Nov.

Sector focus: We believe there might be further profit taking activities across the board for the session. On the sectorial wise, we believe the market could be avoiding the O&G sector amid consolidating oil prices. Meanwhile, we expect some rebound in the Plantation sector amid stronger earnings from INNO, WTK. Also, the Packaging and Cyber Security-related sectors may see some potential trading interest picking up following the release of results from L&P Berhad and SMETRIC.

Stocks to watch:

Building material: HUMEIND, PWRWELL, SCGBHD
Transportation & Logistics: SWIFT, SYGROUP
Technology: ATECH, UNISEM
Consumer: PENSONI, TPC
Packaging-related: MASTER

Source: M+ Online

M+ Online Technical Trading Stocks - 28 Nov 23

Stock Name: ATECH (5302)
Entry: Buy above RM2.690
Target: RM2.750 (2.2%), RM2.800 (4.1%)
Stop: RM2.660 (-1.1%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: SYGROUP (5173)
Entry: Buy above RM0.675
Target: RM0.700 (3.7%), RM0.725 (7.4%)
Stop: RM0.650 (-3.7%)
Shariah: Yes
Technical: Impending flag-formation breakout

Source: Bloomberg, M+ Online

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