Tech Tracker | 2 Shariah-Compliant Stocks: DINO Presents Consolidation Breakout with Potential Upside of 4.3%, NVT Exhibits Flag-Formation Breakout

M+ Global Updates 08/09/2023 13:44

Our in-house experts provide daily technical analysis to assist investors in making informed trading decisions and enhancing their trading strategy.

Here’s a summary of the technical analysis for September 8st:

1. Stock Name: HF Sinclair Corp (DINO $HF Sinclair Corporation Common Stock DINO$ )

HF Sinclair Corporation refines, transports, stores, and markets petroleum products. The Company's refineries produce light products such as gasoline, diesel fuel, and jet fuel which are marketed in the southwestern United States, northern Mexico, and Montana.

Entry: Buy above $58.30

Target: $59.60 (2.2%), $60.80 (4.3%)

Stop: $57.00 (-2.2%)

Shariah: Yes

Technical: Consolidation breakout

2. Stock Name: nVent Electric PLC (NVT $nVent Electric plc Ordinary Shares NVT$ )

nVent Electric plc operates as an electrical contractor. The Company offers electronic packaging, concrete reinforcing steel connections, data center and networking solutions, and other electric products.

Entry: Buy above $57.00

Target: $59.00 (3.5%), $60.00 (5.3%)

Stop: $56.00 (-1.8%)

Shariah: Yes

Technical: Flag-formation breakout

Source: Bloomberg, M+ Global (Malacca Securities)

More about Loui:

Loui Low leads a team of analysts to perform equity and economic research and to provide investment advisory services to the organization's sales team, fund manager and retail fraternity. He has more than 10 years of experience in the stockbroking industry.

He graduated with a Bachelor of Science in Statistics from University of Malaya. He also holds an STA Diploma and is a member of the Society of Technical Analysts (MSTA) United Kingdom.

More about the tech tracker :

Our technical analysis section is updated daily and features insights from our expert analyst, Loui, on the stock market. Traders may find some trading inspiration from Loui's views.

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