M+ Online Morning Market Buzz - 28 Jul 22
Dow Jones: 32,197.59 pts (+436.05pts, +1.37%)
⬆️ Resistance: 33000
⬇️ Support: 31000
FBM KLCI: 1,470.71 pts (+7.02pts, +0.48%)
⬆️ Resistance: 1510
⬇️ Support: 1420
HSI Index: 20,670.04 pts (-235.84pts, -1.13%)
⬆️ Resistance: 21400
⬇️ Support: 20000
Crude Palm Oil: RM3,871 (+RM45, +1.18%)
⬆️ Resistance: 4050
⬇️ Support: 3550
Brent Oil: $106.62 (+$2.22, +2.13%)
⬆️ Resistance: 110.10
⬇️ Support: 99.50
Gold: $1,734.19 (+$16.87, +0.98%)
⬆️ Resistance: 1780
⬇️ Support: 1650
M+ Online Technical Trading Stocks - 28 Jul 22
Stock Name: DNEX (4456)
Entry: Buy above RM0.775
Target: RM0.82 (5.8%), RM0.855 (10.3%)
Stop: RM0.725 (-6.5%)
Shariah: Yes
Technical: Resistance breakout
Stock Name: BAUTO (5248)
Entry: Buy above RM1.81
Target: RM1.92 (6.1%), RM2.00 (10.5%)
Stop: RM1.70 (-6.1%)
Shariah: Yes
Technical: Monitor for breakout
Market update: The FBM KLCI reversed earlier losses to end in the positive territory prior to the US Fed’s interest rate decision as concerns over rate hikes have been priced in. We believe the recent rebound should continue as the comments by the US Fed Chairman Jerome Powell have eased investors’ concerns over the interest rate hike outlook going forward. The positive momentum on Wall Street is likely to spill over to the regional and local bourses. Commodities wise, the crude oil rose above USD106 per barrel, while the CPO was traded above RM3,850.
Sector focus: The local bourse may trade in positive tone following the solid gains on Wall Street. We believe the technology sector should outperform as Nasdaq booked its biggest daily percentage gain since April 2020 overnight. Meanwhile, the energy sector may gain traction as the crude oil price has shown improvement.
Stocks to watch:
Technology: CORAZA, DNEX, GREATEC, INARI, JHM, KGB, MI, PENTA, QES, VS, YBS
Finance: ABMB, CIMB, RHBBANK
O&G: DAYANG, HIBISCS
Consumer: AEON, BAUTO, BJFOOD
Healthcare: DPHARMA, SCOMNET
Chemical: ANCOMNY, TEXCHEM
Property: ECOWLD, GOB
Others: AJIYA, MAYBULK, MEDIA, YTLPOWR
Source: M+ Online
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