Stocks under the spotlight ahead of multiple key economic data this week - ORCL, CRH and more
Stocks to Watch
Daily Chart -[BULLISH ↗ **]ORCL US gapped higher and is consolidating sideways above 163.70 support. As long as price is holding above this support level, a further push higher towards 182.70 resistance then 205.70 resistance next, is expected. Technical indicators are advocating for a bullish scenario as well.
Alternatively: A daily candlestick closing below 163.70 support will see a deeper pullback towards next support at 144.80.
Daily Chart -[BULLISH ↗ **]CRH US is drifting higher, holding above tactical ascending trendline support. A further push higher towards 1st resistance at 99.30 then 2nd resistance at 106.50 is expected. Technical indicators are advocating for a bullish scenario as well.
Alternatively: A daily candlestick closing below 89.10 support will open a short term drop towards next support at 82.90.
Daily Chart -[BULLISH ↗ **]8058 JP has shaped a bullish breakout of tactical descending trendline resistance (now support). A pause above 2881 support is expected before shaping a fresh push higher towards 3155 resistance level. Price is holding above 21 period EMA while MACD indicator is showing a build up in bullish momentum.
Alternatively: A daily candlestick close below 2881 support will open a pullback towards next support at 2680.
Daily Chart -[BULLISH ↗ **]1810 HK just shaped a new bullish breakout. A pause is expected above 20.40 support before shaping a fresh push higher towards 1st resistance at 23.85 then 2nd resistance at 25.60 is expected. MA golden cross indicator has also been confirmed at the end of July.
Alternatively: A 4 hour candlestick closing below 20.40 support will open a drop towards next support at 18.18.
Daily Chart -[BULLISH ↗ **]66 HK is holding above ascending trendine support. As long as price is holding above 28.25 support, a further push higher towards 1st resistance at 31.80 then 2nd resistance at 34.80 is expected. Technical indicators are advocating for a bullish scenario as well.
Alternatively: A daily candlestick close below 28.25 support will open a pullback lower towards next support at 26.10.
What Happened Recently (23 Sept - 27 Sept)
US markets closed higher last week, with $E-mini S&P 500 Futures(DEC4) (ESmain.US)$ and $E-mini NASDAQ 100 Futures(DEC4) (NQmain.US)$ drifting up by 0.51% and 0.96% respectively. This is due to the initial jobless claims data falling more than forecasted and outperforming consumer sentiment data. However, traders should stay cautious after underperforming PCE price data. $Micron Technology (MU.US)$ climbed the most by 18.26%. Traders should look out for Powell's speech tonight and several key economic indicators that will be released this week.It is also worth nothing that while last week's $E-mini S&P 500 Futures(DEC4) (ESmain.US)$ still maintained it's bullish breakout, $E-mini NASDAQ 100 Futures(DEC4) (NQmain.US)$ , however, were capped below 21000 resistance.
Asian markets, with the exception of STI, rallied strongly last week due to the Chinese government stimulus injection into the economy. $HSI Futures(NOV4) (HSImain.HK)$ marks her best week in over a decade, as it rallied by 14.42%. Onshore $CSI 300 Index (000300.SH)$ added 15.70% last week and gapped higher by another 4.5% this week. This is due to PBoC cutting the reverse repo rates, short term rates and injecting funds into the markets. The Chinese government promises to introduce more stimulus measures. $CHINA RES LAND (01109.HK)$ , $PING AN (02318.HK)$ and $JD-SW (09618.HK)$ pushed the most by 34.78%, 30.12% and 36.45% respectively last week. China will be on holiday for the rest of this week to celebrate Golden Week. $Nikkei 225 (.N225.JP)$ ended last week 2.88% higher, due to the weakening of the JPY and last Friday's leadership race. Traders are now looking ahead towards Japan's shift away from negative interest rates and economic policies to tackle issue of deflation. Multiple manufacturing industry data will also be out this week. Despite gains in the major markets, $FTSE Singapore Straits Time Index (.STI.SG)$ retreated by 1.42%. This is due to the Big 3 banks of STI experiencing losses. $DBS Group Holdings (D05.SG)$ , $UOB (U11.SG)$ and $OCBC Bank (O39.SG)$ drifted lower by 2.59%, 1.17% and 2.20% respectively.
Prepared by:
Moomoo Singapore
Isaac Lim CMT, CFTe
Chief Market Strategist
Chief Market Strategist
This report is provided for informational and general circulation purposes only and should not be construed as an offer, solicitation, or recommendation for the purchase or sale of securities, futures, or other investment products. It does not take into consideration any particular needs of any person. This advertisement has not been reviewed by the Monetary Authority of Singapore.
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