rakuten trade market reports : Page 3

Wall Street surged overnight on hopes that the US is not far from the peak of the prevailing pandemic.
The DJI Average closed above the 23,000 mark, up by almost 780 points.
Therefore we reckon such optimism may influence the Asian markets today albeit a short-lived one.
Locally, we would expect the FBM KLCI which had been rather resilient to test the immediate resistance of 1,370 today.
On the flipside, we reiterate that the immediate support for the benchmark index is at 1,350.
Overall, we would remain cautious amid the wild swings of the market of late.

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Heightened volatility over on Wall Street aptly showed the investors fragile confidence.
Though the DJI Average closed rather flat overnight, the index was actually up by around 950 at one point surpassing the 23,000 mark.
Reflecting the steep volatility, we believe regional markets to experience similar predicaments following some solid gains yesterday.
Locally we expect similar pattern to emerge with the immediate support of 1,350 to be re-tested today. Sell into strength remains as our strategy.

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It is debatable if the Covid-19 situation has improved over in the US and whether it warrants a 1,600 point surge to the DJI Average remains to be seen.
Anyhow, there is a high likelihood that regional markets may follow the US positivity today.
Locally, although we may see some buying activities today with the FBM KLCI to maybe touch the 1,350 mark, we reckon such uptrend may draw our sellers which will take the opportunity to sell into strength.
Therefore, we foresee a rather volatile market today with the immediate support seen at the 1,330 level hence we continue to advise investors to stay cautious.

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Seems like the situation in the US has worsen as the pandemic figures has skyrocketed.
This may force Trump’s hand for a more stringent lockdown whereby the impact could be more dire for Wall Street.
The DJI Average lost 360 points to just above the 21,000 mark last Friday and we expect there to be more selling pressure going forward.
Therefore we can expect another volatile session for the regional markets today.
Locally the FBM KLCI has been stubbornly holding above the 1,320 support level of which may be re-tested today.
We remain sellers into strength and advocate investors to remain cautious.

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Despite the positive close on Wall Street, latest Covid-19 infections which surpassed 1m globally coupled with the surge in US unemployment that is expected to be worse than that in 2015, prompted us to remain cautious of the regional market performance today.
Therefore, we expect any upside bias could be limited as investors may opt to take profit in view of the uncertainties.
On the domestic front, following yesterday’s rather surprising uptrend we would expect some profit taking to emerge today despite that Brent surged to almost US$30/barrel overnight.
The FBM KLCI is anticipated to trend between the 1,320-1,340 range today with some downside bias.

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