M+ Online Morning Market Buzz - 24 Aug 20

Dow Jones: 27,930.33 pts (+190.60pts, +0.69%)
⬆ Resistance:  28600
⬇ Support:  27000

FBM KLCI: 1,577.12 pts (+1.74pts, +0.11%)
⬆ Resistance:  1620
⬇ Support:  1520

HSI Index: 25,113.84 pts (+322.45pts, +1.30%)
⬆ Resistance:  26200
⬇ Support:  24200

Crude Palm Oil: RM2,681 (-RM56, -2.05%)
⬆ Resistance:  2820
⬇ Support:  2600

Brent Oil: $44.35 (-$0.55, -1.23%)
⬆ Resistance:  46.50
⬇ Support:  42.80

Gold: $1,940.48 (-$6.78, -0.35%)
⬆ Resistance:  2060
⬇ Support:  1880

M+ Online Technical Focus - 24 Aug 20
I-Stone Group Bhd: Capitalising on IR 4.0

Trading Catalyst
• One of the key players in the design, manufacturing and modification of specialised automation machines. 
• Proxy to the rising adoption of automation amongst companies in order to improve production efficiencies & capabilities and maintain a leaner operational cost structure.
• Capitalising on the adoption of fourth industrial revolution (Industry 4.0) with opportunities under the field of artificial intelligence, big data, robotics and the leasing of automated lines and equipment.
• Technically, the breakout above RM0.25 suggests price may charge towards the next resistances at RM0.29-RM0.325 with long term target at RM0.36. 

Technical View

(i) ISTONE (S: RM0.22, R: RM0.29-0.325, LT TP:RM0.36, CL:RM0.215)

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

Source: Bloomberg, M+ Online

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