Dow Jones: 26,828.47 pts (+164.07pts, +0.62%)
⬆ Resistance:  27400
⬇ Support:  25500

FBM KLCI: 1,575.94 pts (+3.33pts, +0.21%)
⬆ Resistance:  1660
⬇ Support:  1520

HSI Index: 24,946.63 pts (+488.50pts, +2.00%)
⬆ Resistance:  25800
⬇ Support:  23800

Crude Palm Oil: RM2,768 (+RM37, +1.35%)
⬆ Resistance:  2870
⬇ Support:  2550

Brent Oil: $44.43 (+$0.28, +0.63%)
⬆ Resistance:  45.80
⬇ Support:  40.60

Gold: $2,019.21 (+$42.23, +2.14%)
⬆ Resistance:  2070
⬇ Support:  1910

M+ Online Technical Focus - 5 Aug 20
Plantation sector: Climbing another level

Trading Catalyst
• Crude palm oil prices (CPO) have now soared towards around the RM2,800 per tonne level; the highest in six months amid the improving demand prospects.
• The positive momentum is reflective of the Malaysian Palm Oil Council (MPOC) move to revise the price outlook to a high of RM2,994 per tonne, from RM2,594 per tonne announced earlier.
• At the same time, soybean prices also on the move, rising towards their highest level in recent months.
• Uprising demand with countries began their re-stocking activities post lockdowns with processed palm oil stock falling 15.8% MoM in June 2020.

Technical View

(i) JTIASA (S: RM0.575, R: RM0.695-0.76, LT TP:RM0.86, CL:RM0.57)
(ii) TSH (S: RM0.965, R: RM1.19-1.25, LT TP:RM1.4, CL:RM0.96)

S: Support, R: Resistance, LT TP: Long term target price, CL: Cut loss

Source: Bloomberg, M+ Online

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