M+ Online Morning Market Buzz - 8 Feb 24

Dow Jones: 38,677.36 pts (+156.00pts, +0.40%)
⬆️ Resistance: 39600
⬇️ Support: 37400

FBM KLCI: 1,513.11 pts (+0.13pts, +0.01%)
⬆️ Resistance: 1560
⬇️ Support: 1480

HSI Index: 16,081.89 pts (-54.98pts, -0.34%)
⬆️ Resistance: 16800
⬇️ Support: 15100

Crude Palm Oil: RM3,861 (-RM16, -0.41%)
⬆️ Resistance: 3970
⬇️ Support: 3680

Brent Oil: $78.59 (+$0.78, +0.99%)
⬆️ Resistance: 83.20
⬇️ Support: 75.10

Gold: $2,035.36 (-$0.78, -0.04%)
⬆️ Resistance: 2110
⬇️ Support: 1980

Market update – 8 Feb 24
Trading Activities May Turn Softer Ahead of CNY

The FBM KLCI hovered sideways for the past 7 trading days and formed a 2-bar consecutive rebound with the help from Utilities heavyweights. Meanwhile, the US stock markets managed to head higher on the back of strong corporate earnings season that offset the expectations of the Fed which may not cut the interest rates soon. Concerns over the US regional banks returns, coupled with the weaker sentiment in China may slowdown the trading activities on the local front ahead of the Chinese New Year long weekend break. Despite the EIA reported that the US oil inventories rose by 5.5m barrels last week, the Brent oil price traded above USD79.00/bbl.

Sectors focus: We expect the trading activities to slowdown ahead of Chinese New Year mood and the FBM KLCI may consolidate further along 1,510-1520 zone. Meanwhile, sector that traders may focus include the Technology sector on the back of solid close in the US, while Consumer, Telco, REITs and Utilities may perform positively given their defensive characteristics and investors may look into solid dividend yield as part of their considerations within these sectors.

Stocks to watch:

Consumer: FFB, OFI, PWF
Utilities: MALAKOF, TENAGA
O&G: TAS
Building Material: WELLCAL
Property: ECOWLD
Gaming: GENM
Finance: BIMB

Source: M+ Online

M+ Online Technical Trading Stocks - 8 Feb 24

Stock Name: PWF (7134)
Entry: Buy above RM0.905
Target: RM0.935 (3.3%), RM0.950 (5.0%)
Stop: RM0.890 (-1.7%)
Shariah: Yes
Technical: Impending symmetrical triangle formation breakout

Stock Name: WELLCAL (7231)
Entry: Buy above RM1.750
Target: RM1.820 (4.0%), RM1.850 (5.7%)
Stop: RM1.700 (-2.9%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

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